DANVILLE, CA — A Danville man pleaded guilty to defrauding more than 93 investors of at least $9.5 million in a decades-long Ponzi scheme, the U.S. Department of Justice announced.
Edwin Emmett Lickiss, Jr., 78, pleaded guilty in federal court to one count of wire fraud and one count of money laundering, authorities said. Lickiss admitted that from 1998 through September 2024, he falsely claimed that he would place investor funds into exclusive, safe, tax-free bonds that could generate returns in excess of 20 percent. 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 was released pending a sentencing hearing scheduled for Aug. 28. He 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. The U.S. Securities and Exchange Commission also filed a civil enforcement action against Lickiss in the Northern District of California.
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