- Sep 26, 2000
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http://latimesblogs.latimes.com/mon...-chips-jon-penny-stock-fraud-sec-justice.html
"CHiPs" TV star agrees to guilty plea in criminal stock-fraud case.
Larry Wilcox, the former CHiPs TV star accused of securities fraud for manipulating penny stocks, has agreed to settle criminal charges in the case.
Wilcox, 63, reached a plea agreement with the U.S. attorneys office for southern Florida on July 2, according to a copy of the agreement obtained by the South Florida Business Journal on Thursday.
He could face up to five years in prison.
The Justice Department filed criminal charges against Wilcox and nine other penny stock promoters on Thursday in Miami, at the same time that the Securities and Exchange Commission filed civil securities fraud charges.
The government alleges that the promoters agreed to pay kickbacks to investors in classic pump and dump schemes: The cooperating investors would buy shares of the promoters thinly traded penny stocks, with the goal of driving up the prices in the hope of luring other investors into the shares.
Typically, thats a way for the promoters to then dump more of their own shares on unsuspecting investors.
Ones guilty and the others a bad actor.
"CHiPs" TV star agrees to guilty plea in criminal stock-fraud case.
Larry Wilcox, the former CHiPs TV star accused of securities fraud for manipulating penny stocks, has agreed to settle criminal charges in the case.
Wilcox, 63, reached a plea agreement with the U.S. attorneys office for southern Florida on July 2, according to a copy of the agreement obtained by the South Florida Business Journal on Thursday.
He could face up to five years in prison.
The Justice Department filed criminal charges against Wilcox and nine other penny stock promoters on Thursday in Miami, at the same time that the Securities and Exchange Commission filed civil securities fraud charges.
The government alleges that the promoters agreed to pay kickbacks to investors in classic pump and dump schemes: The cooperating investors would buy shares of the promoters thinly traded penny stocks, with the goal of driving up the prices in the hope of luring other investors into the shares.
Typically, thats a way for the promoters to then dump more of their own shares on unsuspecting investors.
Ones guilty and the others a bad actor.
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