Investor Alert: Former East Bay Financial Advisor Edwin Emmett Lickiss, Jr. Charged in Alleged $9.5 Million Ponzi Scheme
A former California financial advisor is facing federal charges for allegedly orchestrating a massive, long-running Ponzi scheme that defrauded investors out of more than $9.5 million. The case, announced by the U.S. Attorney’s Office for the Northern District of California, is a stark reminder of the dangers investors face when dealing with unlicensed individuals.
According to a federal indictment unsealed on July 21, 2025, Edwin Emmett Lickiss, Jr., age 77, has been charged with one count of wire fraud and one count of money laundering. Lickiss allegedly operated his fraudulent scheme over a period of more than two decades—from 1998 through September 2024—while based in Danville and Alamo, California.
Despite having his broker’s license suspended by FINRA in 2014 and officially revoked in 2016, Lickiss allegedly continued to solicit investments from unsuspecting clients through his firm, Foundation Financial Group. He allegedly promised investors safe, high-yield opportunities in government and other bonds—many supposedly offering tax-free returns of over 20%. These bonds, prosecutors say, never existed.
Instead of investing as promised, Lickiss allegedly used fraudulent promissory notes to mislead clients about where their money was going. In classic Ponzi fashion, he paid early investors with funds from newer ones and diverted substantial sums for personal use, including:
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Cash withdrawals
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Home renovations
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Travel expenses
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Car, mortgage, and personal credit card payments
More than 50 investors nationwide may have fallen victim to this elaborate scheme.
Investor Alert: Former East Bay Financial Advisor Edwin Emmett Lickiss, Jr. Charged in Alleged $9.5 Million Ponzi Scheme
Were You a Victim of Edwin Lickiss or Foundation Financial Group?
If you invested with Edwin Lickiss or Foundation Financial Group, you may be entitled to recover your losses.
The law firm of Goodman & Nekvasil, P.A. is currently investigating claims related to this case. With decades of experience representing victims of Ponzi schemes, securities fraud, and financial misconduct, Goodman & Nekvasil has recovered more than $400 million for wronged investors.
What You Can Do
✅ Contact Goodman & Nekvasil, P.A. at (800) 500-4442
✅ Visit www.rightsforinvestors.com to learn about your legal options
✅ Request a free case evaluation to see if you’re eligible for financial recovery
Don’t Wait
The government is pursuing criminal charges, but that does not mean victims are automatically compensated. Act quickly to protect your rights and seek potential restitution. Financial misconduct cases are time-sensitive, and delays can affect your ability to recover funds.
About Goodman & Nekvasil, P.A.
Goodman & Nekvasil, P.A. is a nationally recognized law firm focusing on representing investors who have suffered losses due to broker misconduct, financial advisor fraud, and Ponzi schemes. The firm operates on a contingency fee basis—meaning you pay nothing unless there is a recovery.
For updates on this and other investor alerts, or to speak directly with a securities attorney, visit rightsforinvestors.com or call (800) 500-4442.