A former financial adviser, Edwin Emmett Lickiss Jr., was charged in connection with a $9.5 million Ponzi scheme. He owned Foundation Financial Group and solicited investments from individuals in multiple states. Despite losing his broker's license in 2014, he continued to solicit funds until September 2024. Investors were promised high returns from government bonds, but Lickiss diverted funds for personal use and to pay other investors. He allegedly provided fake promissory notes, made payments to avoid suspicion, and failed to disclose his suspended license status before his indictment by a grand jury in July.
Lickiss allegedly told investors he would invest their money in government bonds, claiming he had exclusive access to bonds that paid returns higher than 20%. Instead of investing the funds, he used them to conduct a Ponzi scheme and for personal expenditures.
Lickiss was charged with wire fraud and money laundering for defrauding at least 50 victim investors, obtaining at least $9.5 million between 1998 and 2024.
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