Securities: Pension fund kickback scheme player pleads guilty
Larry Wilcox, 63, of Hollywood, California has pleaded guilty to one count of conspiracy to commit securities fraud.
According to the court documents, Wilcox and others attempted to pay illegal kickback payments to a pension fund fiduciary to get the fiduciary to misuse investor money to buy worthless or overvalued shares of Wilcox's public company’s common stock.
The plan failed when Wilcox found himself dealing with undercover FBI agents, instead of corrupt pension fund managers.
Sentencing has been scheduled for January 28, 2011. At sentencing, Wilcox faces up to five years in prison, three years of supervised release and a substantial fine.
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