Danville, California – A former East Bay financial advisor has admitted in federal court that he ran a long-lasting investment fraud scheme that took at least $9.5 million from more than 93 investors over more than two decades.
Edwin Emmett Lickiss, Jr., 78, of Danville, California, pleaded guilty to one count of wire fraud and one count of money laundering. Federal prosecutors said the scheme stretched from 1998 through September 2024, drawing in victims who were told their money would be placed into exclusive, safe and tax-free bonds.
The promises were powerful. According to authorities, Lickiss claimed some of the investments could produce returns of more than 20 percent. He also issued fraudulent promissory notes using the letterhead of his former firm, Foundation Financial Group, helping give the investments an appearance of legitimacy.
But the money was not handled as promised.
Instead, prosecutors said Lickiss operated the arrangement as a Ponzi scheme, using funds from newer investors to make payments to earlier investors. While victims believed their money was being placed into secure investments, authorities said Lickiss also used investor funds for personal expenses, including cash withdrawals, home renovations, travel, vehicle payments, mortgage payments and personal credit card bills.
The guilty plea was announced by United States Attorney Craig H. Missakian, FBI Special Agent in Charge Matthew Cobo, and IRS Criminal Investigation Oakland Field Office Special Agent in Charge Linda Nguyen. The case was investigated by the FBI and IRS-CI, with assistance from the Atlanta Regional Office of the U.S. Securities and Exchange Commission.
The U.S. Securities and Exchange Commission has also filed a civil enforcement action against Lickiss in the Northern District of California, adding a separate civil track to the federal criminal case.
Lickiss was released while he awaits sentencing. His sentencing hearing is scheduled for August 28, 2026, at 9:30 a.m. before U.S. District Judge Jon S. Tigar.
On the wire fraud count, Lickiss faces a maximum statutory sentence of 20 years in prison and a $250,000 fine. On the money laundering count, he faces up to 10 years in prison and another $250,000 fine. Any final sentence will be decided by the court after reviewing the U.S. Sentencing Guidelines and the federal sentencing law under 18 U.S.C. § 3553.
Assistant U.S. Attorney Ben Wolinsky is prosecuting the case with assistance from Lynette Dixon.