78-year-old Danville financial adviser sentenced to 9 years in prison for $12 million Ponzi scheme

September 17, 2026 - 07:45

Edwin Lickiss, a 78-year-old financial adviser from Danville, has been sentenced to nine years in prison for defrauding his friends, members of his church and even his own family in a $12 million scheme that lasted nearly 30 years.

According to court records, Lickiss operated what authorities described as a Ponzi scheme, using money from new investors to pay returns to earlier ones while keeping a portion for himself. Prosecutors said he targeted people who trusted him, including longtime acquaintances and fellow congregants, presenting the arrangement as a safe investment opportunity.

The fraud began in the early 1990s and continued for nearly three decades before it collapsed. Many victims lost their retirement savings and were left with little chance of recovering the funds. Several spoke at the sentencing, describing the financial and emotional damage caused by someone they had considered a friend.

Lickiss pleaded guilty to the charges against him. In addition to the prison term, he was ordered to pay restitution to the victims. Federal authorities noted that the case highlights how affinity fraud, where scammers exploit close-knit communities, can cause lasting harm because victims are often reluctant to question someone they know and trust.