Larry Wilcox and reporter Ricardo Fernandez at the 7th Annual 10-4 Day Benefit

CHiPs star Larry Wilcox allegedly set up a fake company for the sale of phony stocks, according to Securities and Exchange Commission officials who set up a sting operation (reports the L.A. Times).

Wilcox’s company, UC Hub Group Inc., was one of several penny stock promoters who were reportedly paying kickbacks to undercover FBI agents posing as corrupt pension fund managers, federal regulators said.

In a statement by the feds, Wilcox’s company (along with the others) were promoting “various illicit kickback schemes to manipulate the volume and price of microcap stocks and illegally generate stock sales.”

Wilcox faces financial penalties for the scam operation, but not criminal charges, and the SEC is seeking an injunction against Wilcox and the others in the sting.

Vietnam vet Wilcox, 63, starred as a California Highway Patrol biker cop in the long running TV series, CHiPs with Erik Estrada.

From three different marriages Wilcox has five children and has long worked for cop-related charities, including funds for the children of slain (in the line of duty) police and FBI agents.