'CHiPs' Larry Wilcox Charged With Securities Fraud

10/7/2010 5:44 PM PDT

'CHiPs' Larry Wilcox Charged With Securities Scam

Larry Wilcox of "CHiPs" fame has just been charged with securities fraud.

The Securities and Exchange Commission just charged Wilcox and more than a dozen others with allegedly manipulating the volume and price of penny stocks to illegally generate stock sales.  Translation: Wilcox and the others allegedly set up a phony company to generate bogus stock sales.

This is not a criminal charge.  The SEC is asking for an injunction against Wilcox and some of the others, as well as financial penalties.