Larry Wilcox Sentenced To Probation
January 29th, 2011 - 5:36 pm ICT by GDBy Meena Kar
Jan 29, (THAINDIAN NEWS) Larry Wilcox the 63 year old renowned “ChiPs star” star, more popularly known as Jonathan “Jon” Baker, was pleaded guilty for he allegedly committed securities fraud. As a result, he has been sentenced to three years probation, in a Fort Lauderdale courtroom on Friday.
According to the sources, Larry Wilcox benefited himself through kickbacks, from an employee pension fund. He apparently exchanged pension fund purchasing shares of his company, namely UC Hub Group in a fraudulent way. According to the Securities and Exchange Commission, several small scale stock promoters conducted illegal kickback operations, where they used to offer stockbrokers or pay pension-fund managers, to buy penny stocks by using client fund. Larry Wilcox was also involved with this operation and in several cases he has also helped these organizations to carry out their work. His conspiracy was caught when the FBI conducted a sting operation on the actor in Florida. Apart from the probation, the actor was also asked to give a fine of $100, and a 500 hours community service. He also had to face a prison term for maximum five years.
U.S. District Judge James I. Cohn, who judges the case was rather shocked to see such an illegal act from an actor of his stature. He said he got a person who is “Truly remorseful”. He said that Larry Wilcox should not be punished because of his celebrity status. Perhaps that is the reason why is has been sentenced to three years of probation. A reputed news source reported that during the hearing, his wife was seen crying, and the actor pleaded that he was financially broke, for which he had to resort to this unethical means.
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Tags: celebrity status, employee pension, hub group, illegal act, james i cohn, jon baker, judge james, kickback, kickbacks, larry wilcox, meena, penny stocks, pension fund managers, prison term, securities and exchange commission, securities fraud, star star, sting operation, stock promoters, stockbrokers