OAKLAND, CA – Edwin Emmett Lickiss, Jr., 77, is facing federal charges after a grand jury indicted him on one count of wire fraud and one count of money laundering. The charges stem from a decades-long alleged Ponzi scheme that bilked investors out of at least $9.5 million.
According to the indictment, filed July 17, 2025, and unsealed today, Lickiss, formerly a financial advisor based in Danville and Alamo, California, operated Foundation Financial Group. From 1998 until around September 2024, he allegedly solicited investments from victims across California, Idaho, and the United States, even after his broker’s license was suspended in 2014 and revoked in 2016. He didn’t let a little regulatory oversight stop him.
Lickiss allegedly pitched a phantom investment opportunity – high-yield, “safe, secure, and tax-free” bonds with returns exceeding 20 percent. He backed up this fiction with fraudulent promissory notes, tracking nonexistent bond investments. He occasionally made payments to earlier investors, not from actual returns, but from the pockets of new marks, the classic hallmark of a Ponzi scheme. He also conveniently failed to mention his licensing issues to potential investors.
Instead of investing client funds as promised, the indictment alleges Lickiss used the money to enrich himself and keep the scheme afloat. Funds were diverted to cash withdrawals, home renovations, travel, car payments, mortgages, and personal credit card bills. At least 50 investors were allegedly defrauded, totaling a staggering $9.5 million. This wasn’t about smart investing; it was about lining his own pockets.
U.S. Attorney Craig H. Missakian, FBI Special Agent in Charge Sanjay Virmani, and IRS Criminal Investigation (IRS-CI) Oakland Field Office Special Agent in Charge Linda Nguyen jointly announced the indictment. Lickiss is scheduled to appear in court on July 22, 2025, before U.S. Magistrate Judge Nathanael Cousins in San Francisco. The SEC has also filed a civil enforcement action against him.
An indictment is not a finding of guilt. Lickiss is presumed innocent until proven guilty beyond a reasonable doubt. If convicted on the wire fraud count, he faces a maximum sentence of 20 years in prison and a $250,000 fine. The money laundering charge carries a maximum of 10 years in prison and a $250,000 fine. The case is being prosecuted by Assistant U.S. Attorneys Ryan Arash Rezaei and Benjamin J. Wolinsky, with assistance from Lynette Dixon. The investigation was a joint effort by the FBI and IRS-CI, with support from the SEC’s Atlanta Regional Office.
Related Federal Cases
- Cook Sentenced for Mortgage Fraud Scheme in Utah · Utah
- Kern County Sheriff’s Deputies Busted in Marijuana Scheme · Idaho
- Ismael Brito Ramirez Charged in Fake Kidnapping Ransom Scheme · Texas
- Richard Ronald Wells Pleads Guilty in $338K Insurance Fraud Scheme · Washington
- Turlock Man Accused of Transporting Minor for Sex Crimes · Idaho
Key Facts
- State: California
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
🔒 Get the grimiest stories delivered weekly. Subscribe free →
Browse More
MORE FEDERAL CRIME NEWS
White Collar CrimeWhite Collar CrimeWhite Collar CrimeWhite Collar Crime