The Securities and Exchange Commission (SEC) has filed a lawsuit against Edwin Emmett Lickiss, younger than a Ponzi program.
The complaint of the Securities and Exchange Commission, which was submitted on July 21, 2025, to the Northern District Court of California, claims that, at least in 1998 to 2024, Lickiss was involved in a Ponzi-Scheme selling millions of dollars worthy of interest rates between 9 % and 32 %.
Such fraudulent sales included at least $ 12.7 million in investment of points from about 80 investors between about 2018 and August 2024.
While the exact nature of Lickiss’s statements to investors varies, many of them represented that, through their investment in the notes, their money would be invested directly or indirectly in limited opportunities, high -performance government bonds or other investment opportunities from which they would benefit.
Lickiss’s representations were aware of when they were done. Bank records reflecting invested revenue show that Lickiss used the majority of investors’ funds to make Ponzi payments to other investors or pay for his personal expenses.
Indeed, it seems that most, if not all, were never invested as they were in investment as they represented, but were simply stolen by him or used to keep his plan in life.
The Securities and Exchange Commission accuses Lickiss of violations of Article 17 (a) of the 1933 Mobile Values Act (“Law on Mobile Values”) and Article 10 (b) of the 1934 Mobile Values Act (“Exchange Act”) and Article 10b-5.
In its lawsuit, the Securities and Exchange Commission seeks permanent suspension, disconnection of malignant profits and bias interest and monetary penalties.
The accused Edwin Emmett Lickiss, younger, 77, has been and is a resident of Danville, California. He was a registered representative of various registered brokers from September 1987 to July 2014, when it was suspended by the Financial Industry Regulatory Authority (Finra) for failing to disclose tax emissions in the form of U4 filed with Finra and terminated by the U4. Representative since 1996.
Foundation Economic Group (FFG) was ad/b/a, according to which Lickiss commits his fraud, including, inter alia, using a bank account in his name and Lickiss for investor deposits, Ponzi payments and personal expenses.