Li Lin Hsu, a former Ameriprise broker, was arrested last week on charges of stealing from 11 of her former clients while she was registered with the firm and after she was fired in 2015. She allegedly took money from the clients after finding them through ads in Chinese language newspapers. She used the money to pay personal loans and to buy real estate. Hsu faces three counts of mail fraud, three counts of wire fraud, one count of money laundering and one count of obstruction of justice. She pleaded not guilty and faces 20 years on each fraud count, 10 years on money laundering and five years for obstruction of justice. Hsu was ordered in September to pay Ameriprise $675,000 to cover costs the firm had to pay to one of her former clients.
Li Lin Hsu was previously registered with Ameriprise in Minneapolis, Minnesota from November 2005 until December 2005 and Ameriprise in Los Angeles, California from February 2006 until April 2015. She has three customer disputes against her, alleging losses, and illegally borrowing money from clients, among other things. She has three regulatory matters against her, according to her online, FINRA BrokerCheck report. She has been permanently barred from the industry. Please call us today for a no-cost, no-obligation consultation with one of our attorneys. They are standing by to take your call. You may be able to sue Ameriprise in the arbitration forum if you suffered losses with Li Lin Hsu.
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