Former "CHiPs" Star Draws Probation in Stock Fraud Case

Tearful Larry Wilcox says he is ruined financially

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    SANTA MONICA, CA - MARCH 13: Actors Larry Wlicox and Erik Estrada pose in the audience at the 2005 TV Land Awards at Barker Hangar on March 13, 2005 in Santa Monica, California. (Photo by Kevin Winter/Getty Images)

    He played Officer Jon Baker on the 1970s show "CHiPs," but Larry Wilcox is now playing the role of stock fraudster.

    Wilcox, 63, the former small screen state trooper, was sentenced to three years' probation today in a Florida federal court on a securities fraud conviction.

    The Securities and Exchange Commission says Wilcox was involved in kickback scams run by more than a dozen penny stock promoters. They were caught in an FBI undercover sting operation offering to pay kickbacks to pension-fund managers or stockbrokers for using clients funds to buy penny stocks.

    A tearful Wilcox told the judge he is broke as his wife sat in the courtroom sobbing.

    “I think my actor’s pride and ego led me into areas well beyond my ability to perform,” he said.

    Wilcox pleaded guilty in November and faced a maximum sentence of five years. But he avoiided jail time with probation and 500 hours of community service.

    Selected Reading: The Associated Press, BizJournals.com, IMDb.