‘ChiPs’ Star May Be Jailed for 18 Months to 2 Years After Being Caught Engaging in Kickback Operations
The California Highway Patrol officer Jonathan “Jon” Baker of ‘ChiPs’, played by Larry Wilcox in real life, is facing at least 18 months imprisonment after he was caught in a sting operation having involvement in several fraudulent securities transactions that generated illegal profits from kickbacks.
An FBI sting operation busted Wilcox who offered kickbacks to an undercover agent who posed as a pension fund employee. The FBI discovered that Wilcox and more than 12 other stock promoters have been paying kickbacks to pension-fund managers and brokers for using the funds of their clients in buying penny stocks of UC Hub Group, a firm he co-founded.
A federal court in Fort Lauderdale will give its verdict come Friday after Wilcox pleaded guilty to charges of securities laws violation, and court records suggest he may serve a prison term between 18 months and two years.
William Richey, Wilcox’s legal counsel, said the case of his client was “an aberration in what has otherwise been an exemplary life,” asking for a lighter sentence for Wilcox. According to Richey, Wilcox aided in the investigation of other related criminal cases when he found out he was being investigated by the federal court.
In January 14 this year, the SEC has launched charges of securities fraud against a stock promoter, Christopher Wheeler with his website OTCStockExchange.com, for not disclosing to investors the profits he gained from promoting stocks unloaded from his own account whose price was hyped.
According to SEC’s lawsuit, Wheeler had been receiving undisclosed payments from certain issuers several times for promoting “thinly-traded penny stock” on OTCStockExchange.com which the website professed to be a compilation of a “long list of successful stock picks.”