OAKLAND – Edwin Emmett Lickiss, Jr., a former East Bay financial advisor, pleaded guilty today in federal court to one count of wire fraud and one count of money laundering, admitting to operating a decades-long Ponzi scheme that defrauded over 93 investors of at least $9.5 million. The 78-year-old Danville, California resident confessed to running the scheme from 1998 through September 2024.
Lickiss induced investments by falsely promising to place victim funds into exclusive, safe, tax-free bonds, some purportedly generating returns exceeding 20 percent. He also issued fraudulent promissory notes using the letterhead of his former firm, Foundation Financial Group. In reality, Lickiss used new investor funds to pay earlier investors, a hallmark of a Ponzi scheme, and diverted significant amounts for personal expenses including cash withdrawals, home renovations, travel, and payments on vehicles, mortgages, and personal credit cards.
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 announced the plea. Lickiss was released pending his sentencing hearing, scheduled for August 28, 2026, before U.S. District Judge Jon S. Tigar.
Lickiss faces a maximum statutory sentence of 20 years in prison and a $250,000 fine for wire fraud, and 10 years in prison and a $250,000 fine for money laundering. The U.S. Securities and Exchange Commission has also filed a civil enforcement action against him. The prosecution is led by Assistant U.S. Attorney Ben Wolinsky, following an investigation by the FBI and IRS-CI, with assistance from the SEC.