Former Ameriprise advisor Li Lin Hsu was recently arrested on charges of wire fraud, money laundering, and obstruction of justice. Hsu allegedly defrauded customers by embezzling money that she had promised to invest, using the funds to pay for her own personal expenses and luxury items.
Hsu was barred by FINRA in 2016 and has not been registered with a member firm since 2015 when she was terminated from her position with Ameriprise for numerous company policy violations. Much of the alleged misconduct alleged in the criminal case was committed during and after her employment with Ameriprise. According to the criminal allegations and other customer complaints, Hsu solicited client investments primarily by placing advertisements in local Chinese-language newspapers. Once she lured investors in, she is accused of using their money to pay off her credit cards and personal loans and to buy luxury items and real estate instead of investing it for her clients. In addition, the money laundering charge alleges that Hsu stole almost $1 million from one customer to purchase a condominium in California.
Hsu allegedly managed to conceal her misconduct by using portions of stolen client money to pay back other clients and even sent clients fabricated account statements and false confirmation letters saying she purchased investments for her clients when she had not.
At least 11 former clients were victims of her alleged misconduct, and it is believed that they suffered losses of about $2 million. If convicted, Hsu faces a maximum of 20 years in federal prison for each count of fraud, 10 years for the money laundering count, and another five years for the obstruction of justice count.
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Fortunately, people who invested money with Li Lin Hsu may be able to recover their financial losses by filing a lawsuit with the investment fraud attorneys at Meyer Wilson. Our lawyers have helped clients all over the nation recover millions of dollars in losses caused by broker fraud and other misconduct.
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