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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.
