CHiPS STAR IS A FBI SNITCH

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CHiPS star Larry Wilcox, who played motorcycle officer Jon Baker in the hit TV cop drama, is starring in a real-life crime story.

The 63-year-old actor agreed to become an undercover police informant in an effort to save himself from prison!

Larry was busted by federal officers in early 2009 when he allegedly offered a kickback scheme to an undercover federal agent posing as a pension fund representative. Wilcox is accused of being involved in a complex plan to raid the fund and then use the money to artificially inflate stock prices.

Larry – who starred from 1977-83 with Erik Estrada in the popular crime show – also was accused of setting up a phony company to make the monetary kickbacks he received look like fees for consulting services.

On July 2, Larry signed a plea-bargain agreement with the feds which stated that he would be willing to work undercover to help them nab other crooks involved in the complicated "pump and dump" stock swindle. He now faces a possible five-year prison sentence and $250,000 fine.

"Larry is desperate to stay out of prison," a close source told The ENQUIRER.

"He would do anything to avoid that.

"However, some of the people involved in this swindle are some very rough characters in organized crime, and Larry is risking his life by cooperating with the cops and ratting out the gangsters."