i Lin Hsu, the former Ameriprise Financial advisor from Los Angeles, California, received a 136-month prison sentence for the alleged Ponzi scheme she was operating which fleeced her clients out of approximately $8.1 million.
According to news reports, Li Lin Hsu defrauded 20 clients, including some relatives, by promising them to invest their money in safe investments. She also won their confidence by speaking in their native Chinese. According to reports, Hsu paid back some of the investors with money from other investors in a Ponzi-like scheme. She then used client money to purchase homes, cars, and pay for other personal items.
Li Lin Hsu pleaded guilty in February of 2019 to wire fraud, according to reports. Hsu will serve an 11 year sentence and must pay back $5.2 million in restitution.
According to FINRA’s BrokerCheck, Ameriprise discharged Li Lin Hsu in March of 2015 following allegations of violations “related to maintaining a beneficiary relationship with a client, complaint handling, commingling funds, conducting business with a foreign client, and reusing previously submitted client forms.” Hsu was suspended in August of 2015 for failure to respond to a FINRA request for information. She was barred by FINRA in February of 2016 also for failure to respond to FINRA’s request for information.
The following article appeared in the Soreide Law Group blog in April of 2018:
According to FINRA’s BrokerCheck, Hsu has 7 Disclosures on her report. She was in the securities industry for a total of 9 years and was listed with the following 2 firms:
02/15/2006 – 04/02/2015 AMERIPRISE FINANCIAL SERVICES INC – LOS ANGELES, CA
11/21/2005 – 12/12/2005 AMERIPRISE FINANCIAL SERVICES INC – MINNEAPOLIS, MN
If you were a victim of the alleged Ponzi-like scheme by former Ameriprise Financial of Los Angeles, broker, Li Lin Hsu, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis—no fee to you if no recovery.