East Bay Financial Advisor, 78, Admits To Operating Decades-Long Ponzi Scheme

DANVILLE, CA — An East Bay financial advisor has admitted to running a decades-long Ponzi scheme where he defrauded dozens of investors out of millions, federal prosecutors said.

Danville resident Edwin Emmett Lickiss, Jr., 78, pleaded guilty in federal court Thursday to one count each of wire fraud and money laundering, according to the Department of Justice.

Federal prosecutors say that Lickiss defrauded 93 investors out of at least $9.5 million from 1998 through 2024.

Lickiss would promise the victims that he'd place the funds in "exclusive, safe, tax-free bonds," some of which would generate returns of more than 20%, prosecutors said.

In reality, Lickiss would take the victims' funds to make payments to those who had invested with him earlier, prosecutors said.

Lickiss also wired some of that money to his account, which he then used to pay for home renovations, travel, and payments on vehicles, mortgages, and personal credit cards, prosecutors said.

A judge released Lickiss as he awaits sentencing on Aug. 28. He faces a maximum of 20 years in prison and a $250,000 fine on the wire fraud count and a maximum of 10 years in prison and a $250,000 fine for the money laundering count, prosecutors said.