Silver Law Group Wins $2.7 Million FINRA Arbitration Award For Victim Of Elder Financial Fraud

Silver Law Group recently won a $2,700,000 FINRA arbitration award on behalf of an elderly woman who lost virtually everything she had invested with Edwin Lickiss, who operated a Ponzi scheme out of an Arkadios Capital branch office in Alamo, California for decades. The four-day hearing ended with a panel of arbitrators ruling in our client’s favor against broker-dealer Arkadios Capital.

Lickiss was criminally indicted in July 2025 and pled guilty to wire fraud and money laundering on May 20, 2026. His son, an Arkadios-registered advisor, worked out of the same branch office from which Edwin Lickiss ran his scheme. Our client, like many of Lickiss’s victims, lost nearly everything she had entrusted to him.

Failure To Supervise

Brokerage firms owe their elderly clients certain legal duties to protect them from frauds, Ponzi schemes, and other misconduct.

A central issue in the case was whether Arkadios Capital adequately supervised its Alamo, California branch office. Under FINRA rules and industry standards, brokerage firms have a legal duty to supervise their operations — including their registered representatives — to prevent, detect, and address fraud and other misconduct. Silver Law Group argued, and submitted detailed legal briefing, showing that Arkadios fell short of that standard.

When a firm fails to maintain adequate supervisory procedures, it can be held liable for the harm that results from the misconduct it failed to catch. In this case, that failure allowed Lickiss to continue defrauding investors — including our elderly client — for years.

The FINRA Arbitration Award

After a four-day hearing, the FINRA arbitration panel awarded our client $2,700,000. A copy of the arbitration award can be found here.

On June 11, 2026, Silver Law Group filed a Petition to Confirm the Arbitration Award as a Judgment in the Northern District of California. That petition can be found here: 2026-0611 Petition to Confirm.

Elder Financial Fraud Is A Growing Crisis

Elder financial abuse is one of the most prevalent and underreported forms of investment fraud. Elderly investors are frequently targeted because they have accumulated savings, may be more trusting, and may be less familiar with complex investment products. Silver Law Group has recovered millions of dollars for victims of elder financial fraud and has been ranked by Securities Class Action Services as one of the top 50 plaintiff law firms in 2025.

Were You A Victim Of Edwin Lickiss Or Arkadios Capital?

Silver Law Group represents investors in securities and investment fraud cases nationwide. We handle most cases on a contingent fee basis — you won’t owe us anything until we recover your money.

Call (800) 975-4345 or contact Silver Law Group online to speak with an experienced securities attorney today.