Former Ameriprise Financial Broker, Li Lin Hsu, Arrested by FBI

LI-LIN HSU (YILIN HSU) CRD#: 4706509, a former Ameriprise Financial broker from Los Angeles, was arrested by the FBI last week on charges of federal fraud and money laundering.
Hsu’s alleged scheme cost at least eleven of her former Ameriprise clients approximately $2 million. The U.S. Attorney’s office in the Central District of California said that while Li Lin Hsu was employed at Ameriprise and after she was fired in 2015, Hsu allegedly took funds from clients she found through ads in Chinese newspapers and used the money to pay her own personal credit cards, personal loans, and buy real estate and luxury items. Allegedly, Hsu bought a $1 million condo from one victim’s funds in Diamond Bar, California.  According to the court records, Li Lin Hsu faces three counts of mail fraud, three counts of wire fraud, one count of money laundering and one count of obstruction of justice.
It is alleged that Hsu orchestrated a Ponzi scheme, using new clients’ money to repay other clients.  It is also alleged Hsu sent clients fabricated account statements and investment purchase confirmations. FINRA barred Li Lin Hsu from acting as a broker or otherwise associating with a broker-dealer firm in February of 2016. Hsu spent her entire nine year career at Ameriprise. She was discharged from Ameriprise in March of 2015.
According to authorities, Li Lin Hsu pleaded not guilty and was released on $50,000 bond. Her trial will begin on June 12 and if convicted, Hsu faces a maximum prison sentence of 20 years on each fraud count, 10 years on money laundering and five years for obstruction of justice.
Li Lin Hsu was also ordered in September by a FINRA arbitration panel to pay Ameriprise, $675,000.  This was the cost of a settlement Ameriprise made with one of Hsu’s clients.
According to FINRA’s BrokerCheck, Li Lin 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 scheme orchestrated by former Ameriprise Financial broker, Li Lin Hsu, contact Soreide Law Group and speak to an experienced securities lawyer 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.