A former financial advisor from Danville faces federal charges for allegedly defrauding 93 investors of $9.5 million over three decades following an FBI and IRS investigation.
Edwin Emmett Lickiss Jr., 78, of Danville, pleaded guilty in Oakland federal court Thursday to one count of wire fraud and one count of money laundering, according to a release from the US Attorney’s Office.
Lickiss reportedly admitted to running a Ponzi scheme that prosecutors say stretched from 1998 through September 2024 and involved 93 investors who were cheated out of at least $9.5 million following an investigation by the Federal Bureau of Investigation and the Internal Revenue Service.
Federal prosecutors say Lickiss falsely told investors he was placing their money into exclusive tax-free bonds that promised unusually high returns, while instead using newer investments to pay earlier clients and cover personal expenses, including home renovations, travel, vehicles, mortgages, and credit card payments.
Authorities say Lickiss also used the letterhead of his former firm, Foundation Financial Group, to issue fake promissory notes.
Lickiss is scheduled to be sentenced in August with prosecutors seeking six to 10 years in prison. As the Chronicle reports, his attorney is recommending a six-year sentence.
The US Securities and Exchange Commission has also filed a civil enforcement action against Lickiss in the Northern District of California.
Related: Sonoma County Real Estate Investor Ken Mattson to Take Guilty Plea In Federal Fraud Case
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