CALIFORNIA – The U.S. Department of Justice (DOJ) announced July 21 a federal grand jury indicted Edwin Emmett Lickiss, Jr. for wire fraud and money laundering tied to a $9.5 million investment scheme.

Between 1998 and September 2024, Lickiss, 77, a financial advisor based in Danville and Alamo, ran Foundation Financial Group, offering investment services in California, Idaho, and nationwide. 

Lickiss was a registered broker until 2014, when the Financial Industry Regulatory Authority (FINRA) suspended his license. Despite losing his license, Lickiss allegedly continued soliciting investments until September 2024.

Lickiss claimed exclusive access to fake bonds

The indictment alleges Lickiss falsely told investors their funds would go into government and other bonds.

Lickiss claimed exclusive access to fake bonds with returns over 20% to lure investors. He falsely claimed the fake bonds were safe, tax-free, and redeemable anytime.

To appear legitimate, Lickiss gave fake promissory notes outlining the terms and totals of the bogus bond investments. He made fake “interest” payments using funds from new investors to mislead earlier ones.

Lickiss also hid his 2014 suspension and 2016 loss of broker’s license from investors.

Instead of investing the funds as promised, Lickiss allegedly used investor money to pay earlier investors. He also used funds for personal expenses including cash withdrawals, home renovations, travel, and car, mortgage, and credit card payments.  

In all, Lickiss allegedly stole at least $9.5 million from over 50 investors.  

Faces up to 20 years for wire fraud

Lickiss is set to appear before U.S. Magistrate Judge Nathanael Cousins on July 22, 2025, in San Francisco. He is presumed innocent until proven guilty.

If convicted, he faces up to 20 years in prison and a $250,000 fine for wire fraud, and up to 10 years and a $250,000 fine for money laundering. 

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