78-Year-Old Danville Man Gets 9 Years In Prison For $9.5M Ponzi Scheme: Reports

DANVILLE, CA — A 78-year-old Danville man who pleaded guilty to a decades-long, $9.5 million Ponzi scheme was sentenced Wednesday to nine years in prison, according to reports from CBS San Francisco and the Bay Area News Group.

Edwin Emmett Lickiss, Jr. pleaded guilty in May to one count of wire fraud and one count of money laundering. According to the Justice Department, Lickiss admitted to defrauding more than 93 investors of at least $9.5 million in a Ponzi scheme that ran from 1998 through September 2024.

Lickiss falsely claimed that he would place investor funds into exclusive, safe, tax-free bonds that could generate returns in excess of 20 percent. The bonds did not exist. He also admitted to issuing fraudulent promissory notes on the letterhead of his former firm, the Foundation Financial Group.

Lickiss used victim funds to make payments to those who had invested earlier, the DOJ said. He also diverted victim funds for his own use, including cash withdrawals, home renovations, travel, and payments on vehicles, mortgages, and personal credit cards.

Lickiss’ lawyer requested a four-year prison term and supervised release to be served at home due to medical issues, according to the Bay Area News Group. Prosecutors sought nine years, saying he exploited elderly and vulnerable investors who trusted him. U.S. District Judge Jon Tigar imposed the nine-year term requested by prosecutors, according to the Bay Area News Group.

The prosecution also submitted a restitution request for $12.2 million, according to records obtained by the Bay Area News Group.

Patch reached out to the prosecutors and Lickiss’ defense team for more information.

SEE ALSO:

• Danville Man Pleads Guilty To $9.3M Ponzi Scheme
• Danville Man Convicted Of Fraud Gets 3 Years, $9.3M In Restitution