A California-based financial advisor will spend nine years in prison after pleading guilty to defrauding at least 93 victims of more than $9.5 million, according to the Justice Department.
Edwin Emmett Lickiss, Jr. was indicted in July 2025 for a long-running scheme spanning from 1998 through September 2024. Earlier this year, Lickiss, who is based in Danville, Calif., pleaded guilty to one count each of wire fraud and money laundering.
According to court documents, Lickiss owned Foundation Financial Group and worked with clients throughout Northern California, Idaho and the broader United States. According to FINRA, he registered in 1977, with tenures at University Securities and Financial Network Investment Corp.
Most recently, he registered with Investment Architects from 1995 through 2014. That year, FINRA suspended his license for failing to disclose tax liens (he claimed he had…
This type of fraud targets the supply chain and accounts payable departments of businesses.
- Invoice Manipulation: Criminals intercept a legitimate invoice between a supplier and a client and change the banking details to their own. The client pays the bill thinking they are paying their trusted vendor.
- Kickbacks and Bribery: A vendor secretly pays an employee of the purchasing company to ensure their bid is successful or to overlook inflated pricing.