Ironically California Highway Patrol are not who busted Larry Wilcox

Larry Wilcox became famous various decades ago for playing a cop on “CHiPs.” In an ironic twist of fate, he has been busted by the cops himself. It was not for going too fast on a motorcycle. Instead, the former TV star has been sued by the Securities and Exchange Commission. As the series “CHiPs” wound down, he began entering into areas besides entertainment. Wilcox has been involved in entrepreneurial ventures for years. The SEC got involved after some deals he was involved in looked suspicious. He is being sued and charged with stock fraud.

Chip on the shoulder from Larry Wilcox to SEC

Larry Wilcox delved into various entrepreneurial activities outside of acting to make a living. One of his most recent ventures, UC Hub Group Inc., attracted the attention of the SEC and the FBI. It is not just this company in trouble. A kickback scheme is being charged to many of his companies. According to the SEC, kickbacks were given in exchange for purchasing stock. This was given to pension fund managers and stock brokers. Larry Wilcox in the late 70s was the “CHIPs” star. He hasn’t commented on the issue yet. Two other penny stock executives were allegedly part of the whole thing also. This is what the Los Angeles Times reports.

Real undercover cops bust a fictional one

The scheme had been uncovered a number of months ago. In order to catch the kickback scheme in the act, a sting operation had been started. The Larry Wilcox company was not the original intention. Agents were sent undercover from the FBI and SEC to watch for fraud schemes. The SEC said the conspirators had planned their scheme to the last detail, but forgot to account for undercover agents. 12 individuals were caught within the scheme, including Wilcox. CNN reports that they could all be facing 5 to 25 years in prison.

Monopoly’s don’t pass “go”

Former co-star Erik Estrada, who starred as Wilcox’s partner Ponch on “CHiPs,” has not yet commented. White collar crimes may seem innocent enough. They do come with a prison sentence though. Still no info has come about Larry Wilcox’s sentence. We’ll have to wait and discover out what happens.

Information from

CNN

cnn.com/2010/CRIME/10/08/california.chips.arrest/

LA Times

latimes.com/business/la-fi-chips-sec-20101008,,3330645.story