CHiPs star gets probation for stock fraud scheme

The Associated Press says that Larry Wilcox, a former star of the 1970s show "CHiPs," about the California highway patrol, was sentenced Tuesday to three years probation for conspiring to commit securities fraud after pleading guilty last November. He'll also do 500 hours of community service and pay a $100 fine (the AP says he recently filed for bankruptcy). Wilcox could have received as many as 5 years in prison, but the judge said he thought Wilcox was truly remorseful. The government had accused Wilcox of being a part ring of stock promoters who promised kickbacks to pension-fund managers if they used clients' funds to buy penny stocks.

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