Sentencing for 78-year-old Edwin Emmett Lickiss, Jr. of Alamo-based Foundation Financial Group scheduled for August 28, faces up to 30 years in prison, $500K in fines
By United States Attorney, Northern District of California
OAKLAND – Edwin Emmett Lickiss, Jr., pleaded guilty in federal court today to one count of wire fraud and one count of money laundering in connection with a decades-long Ponzi scheme.
Lickiss, 78, of Danville, Calif., admitted that from 1998 through September 2024, he defrauded more than 93 investors of at least $9.5 million.
United States Attorney Craig H. Missakian, FBI Special Agent in Charge Matthew Cobo, and IRS Criminal Investigation (IRS-CI) Oakland Field Office Special Agent in Charge Linda Nguyen made the announcement.
To induce investments, Lickiss falsely claimed that he would place victim funds into exclusive, safe, tax-free bonds, with some generating returns in excess of 20 percent. Lickiss also issued fraudulent promissory notes on the letterhead of his former firm, Foundation Financial Group.
In addition, the Securities Exchange Commission (SEC), On July 21, 2025, the SEC charged Lickiss, Jr., with selling fraudulent promissory note investments to approximately 80 investors as part of a Ponzi scheme that lasted over 25 years. According to the SEC’s complaint, Lickiss fraudulently offered and sold to investors approximately $12.7 million in promissory notes, which purported to pay interest rates of between 9 and 32 percent per annum.
In fact, Lickiss used subsequent victim funds to make payments to those who had invested earlier, consistent with a Ponzi scheme. Lickiss also diverted victim funds for his own use, including cash withdrawals, home renovations, travel, and payments on vehicles, mortgages, and personal credit cards.
According to the IRS, on July 21, 2025, “A federal grand jury indicted Edwin Emmett Lickiss Jr., on one count of wire fraud and one count of money laundering in connection with an alleged $9.5 million investment fraud scheme. Despite the suspension and loss of his broker’s license, Lickiss allegedly continued to solicit and obtain investments from victim investors until around September 2024. Lickiss was a financial advisor based in Danville and Alamo, Calif., who owned and operated Foundation Financial Group, a firm that provided investment services to investors in the Northern District of California, Idaho, and throughout the United States.”
Lickiss was released pending a sentencing hearing, which is scheduled for August 28, 2026, at 9:30 a.m. before U.S. District Judge Jon S. Tigar. Lickiss faces a maximum statutory sentence of 20 years in prison and a $250,000 fine on the wire fraud count, and 10 years in prison and a $250,000 fine on the money laundering count. Any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.
The U.S. Securities and Exchange Commission has also filed a civil enforcement action against Lickiss in the Northern District of California.
Assistant U.S. Attorney Ben Wolinsky is prosecuting the case with the assistance of Lynette Dixon. The prosecution is the result of an investigation by the FBI and IRS-CI. The U.S. Attorney’s Office thanks the Atlanta Regional Office of the SEC for its assistance in the investigation.
Further Information:
Case No. 4:25-CR-00202-JST
Electronic court filings and further procedural and docket information are available at https://ecf.cand.uscourts.gov/cgi-bin/login.pl. Judges’ calendars with schedules for upcoming court hearings can be viewed on the court’s website at www.cand.uscourts.gov.
Allen D. Payton contributed to this report.
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