A Contra Costa County man was indicted for an alleged investment fraud scheme that netted nearly $10 million from investors, according to the U.S. Department of Justice. Edwin Lickiss, Jr., 77, is accused of wire fraud and money laundering in connection with a $9.5 million investment scheme, federal prosecutors said Monday. Between 1998 and 2024, Lickiss worked as a financial advisor in Danville and Alamo and owned and operated Foundation Financial Group. Prosecutors allege that even though Lickiss’ broker’s license was suspended in 2014 and revoked in 2016, he continued to solicit and obtain investments until September 2024, never telling investors he had been suspended and then lost his license.
Lickiss allegedly falsely represented to investors that he would invest their money in government bonds and other bonds, according to the indictment. Prosecutors allege he told investors that he had exclusive access to fictitious bonds that paid very high rates of returns, including rates exceeding 20 percent. Lickiss reportedly said these fake bonds were safe, secure and tax-free and that they could be redeemed at any time.
As part of the alleged scheme, Lickiss is accused of giving fake promissory notes that included fictitious information. He would occasionally give payments to some investors by using funds fraudulently obtained from other investors, prosecutors said. Lickiss allegedly ran a Ponzi scheme and used the money he took in for things like home renovations and travel, as well as car, mortgage, and credit card payments. In total, he is accused of getting at least $9.5 million out of 50 investors. If convicted, Lickiss is facing up to 20 years in prison for wire fraud and 10 years in prison for the alleged money laundering, plus fines adding up to $500,000.
Full extent of the law – the 30 yrs, the $500K fine AND restitution to the clients he ripped off …. c’mon DA – make it happen
Back in my day, we used to have harsher punishment for guys like him.
At 77, and still not convicted, he could pass away before spending time in jail.
No one will get any money back.
Sadly, he was not found out sooner.
So he defrauded almost 10 million and has to pay $500,000 in fines…..well …looks like that investment matched up to the crime, and paid off more too.
The people he ripped off thought
they could get returns well beyond
what they were entitled to
but met greed even beyond theirs
and suffered for it
good object lesson
If someone marketing investments doesn’t hold a FINRA license or a Registered Investment Advisor designation, walk away. And if they do, and you work with them, check at least annually to make sure they are still current, and that there have been no complaints.
No disrespect to the people who lost money with this guy, they obviously trusted him and likely had no idea he was no longer with a Broker Dealer firm.
At 77, he was doing this crap in his way early years. He has been doing this for years, before he got caught