Former ‘CHiPs’ Star Pleads Guilty to Securities Fraud
On November 5, 2010, former “CHiPs” star Larry Wilcox pled guilty in the United States District Court for the Southern District of Florida to one count of conspiracy to commit securities fraud.
As part of the plea agreement, Wilcox, 63, admitted to conspiring to defraud a pension plan out of $40,000. Wilcox was CEO of UC Hub Group, a corporation registered in Delaware, that allegedly ran gold mines, according to the charging documents. He also owned millions of shares in UC Hub Group.
Wilcox purportedly traveled to Broward County in January and February 2009, where he met with an FBI confidential source – posing as a representative of a pension fund fiduciary willing to breach his fiduciary duty to the pension fund – to discuss stock sales.
At that time, Wilcox allegedly agreed that the undercover agent would buy the company’s stock at inflated prices, and in return Wilcox would pay the agent a 40% kickback fee. Wilcox received numerous $20,000 payments, and he or his co-conspirators sent back numerous $8,000 payments to an unidentified address in Coral Springs.
As part of the agreement, Wilcox will not appeal his punishment and faces up to five years in prison and a $250,000 fine. Sentencing is January 28, 2011.