Edwin Lickiss: DOJ Alleges Ponzi Scheme by Suspended Bay Area Advisor

Alamo, California financial advisor Edwin Lickiss (CRD# 844969) was recently charged by the US Department of Justice with wire fraud and money laundering in connection with an alleged Ponzi scheme. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Investment Architects, and he was formerly the owner and operator of Foundation Financial Group. Carlson Law represents more than a dozen clients in claims against Mr. Lickiss.

A press released published on July 21, 2025 describes the DOJ’s charges against Mr. Lickiss. As it alleges, he orchestrated an investment fraud scheme in which he “falsely represented to investors that he would invest their funds in government bonds and other bonds.” In order to solicit investors to entrust him with their funds, he represented himself as having exclusive access to fictitious bonds that paid very high rates of returns, including rates in excess of 20 percent.” Furthermore, according to the charges, he described these bonds as safe, tax-free, and able to be redeemed at any time.

As prosecutors allege, Mr. Lickiss provided investors with “fraudulent promissory notes” and claimed to be tracking his clients’ investments. On occasion, per the DOJ, he “made lulling payments to victim investors, falsely describing the payments as interest that had accrued on the nonexistent bonds.” In reality, however, these payments “were made with funds Lickiss fraudulently obtained from subsequent victim investors.”

Despite his promises to invest these funds in the bond investments, he allegedly used them “to pay earlier investors, in the manner of a Ponzi scheme, and for his personal use, including cash withdrawals, home renovations, travel, and car, mortgage, and personal credit card payments.” The DOJ alleges that over the course of this scheme, he raised “at least $9.5 million from no fewer than 50 victim investors.” In addition, he allegedly failed to disclose to his investors that in 2014 he had been suspended from associating with any broker-dealer firm, and that he lost his broker’s license in 2016. Mr. Lickiss has been charged with one count of wire fraud and one count of money laundering in an indictment filed on July 17, 2025.

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.