'CHiPs' Star Escapes Jail Time For Penny-Stock Scam

Law360, New York (January 28, 2011, 3:49 PM EST) -- A federal judge sentenced former "CHiPs" TV star and financial trader Larry Wilcox on Friday to three years' probation after prosecutors agreed to cut him a break in a penny-stock securities fraud case.

Judge James I. Cohn granted prosecutors' motion for downward departure in the U.S. District Court for the Southern District of Florida, adding 500 hours of community service to the probation time and prohibiting Wilcox from any involvement in penny-stock trading.

Wilcox pled guilty in October to one count of conspiracy to commit securities...
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