Former East Bay financial advisor pleads guilty to operating a long-running $9.5 million Ponzi scheme

Date: May 20, 2026

Contact: [email protected]

Oakland, CA - 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 of Danville, CA, admitted that from 1998 through September 2024, he defrauded more than 93 investors of at least $9.5 million. 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 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.

United States Attorney Craig H. Missakian, IRS Criminal Investigation (IRS-CI) Oakland Field Office Special Agent in Charge Linda Nguyen, and FBI Special Agent in Charge Matthew Cobo made the announcement.

Lickiss was released pending a sentencing hearing, which is scheduled for Aug. 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 IRS-CI and the FBI. The U.S. Attorney's Office thanks the Atlanta Regional Office of the SEC for its assistance in the investigation.

IRS-CI is the law enforcement arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money laundering, public corruption, healthcare fraud, identity theft and more. It is the only federal law enforcement agency with investigative jurisdiction over violations of the Internal Revenue Code. IRS-CI has 18 field offices located across the U.S. and maintains an international presence through attaché posts abroad.