NEW YORK ( TheStreet) -- Larry Wilcox, the former actor famous for playing Officer Jon Baker in the '70s hit show CHiPs, has been sentenced to three years probation for conspiring to commit securities fraud.

"CHiPs" stars Larry Wilcox, right, and Erik Estrada in a March 1979 photo.

U.S. District Judge James Cohn sentenced Wilcox, 63, to serve probation on Friday after he was charged with fraud by the U.S. Securities and Exchange Commission. According to his sentence, he must perform 500 hours of community service and pay a $100 fine. Wilcox faced a maximum prison term of five years.

Wilcox played Officer Jonathan "Jon" Baker, opposite Erik Estrada as Officer Frank 'Ponch' Poncherello, on CHiPs, which aired on NBC from 1977 through 1983.

He expressed remorse for his actions before the court sentencing.

"I spent 63 years putting my signature on my life," Wilcox said in court. "I betrayed my core values with what I did. I am deeply sorry."

Wilcox, the CEO of mining and drilling startup UC Hub Group ( UCHB), which trades on the pink sheets, was involved in an illegal kickback scheme involving penny stocks. He was accused of manipulating penny stocks to generate stock sales, and paying kickbacks to a "pension fund trustee," who turned out to be an undercover FBI agent.

"Wilcox paid a kickback to the trustee for the purchase of 800,000 restricted shares of UC Hub," the complaint filed in Oct. 2010 stated. "Wilcox agreed to pay another kickback for a second purchase of 800,000 restricted shares."

Wilcox pleaded guilty in November to securities fraud conspiracy and cooperated with authorities, federal prosecutors said.

-- Written by Theresa McCabe in Boston.

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