LOS ANGELES – A former Ameriprise financial advisor faces federal fraud and money laundering charges for allegedly defrauding clients by embezzling funds that she promised would be invested, United States Attorney Nicola T. Hanna announced today.
Li Lin Hsu, 40, of Diamond Bar, was arrested Wednesday morning by special agents with the FBI.
Hsu was taken into custody pursuant to an eight-count indictment returned by a federal grand jury the day before. The indictment charges Hsu with three counts of mail fraud, three counts of wire fraud, one count of money laundering, and one count of obstruction of justice.
Over a five-year period, while she was employed by Ameriprise and after her termination from Ameriprise in 2015, Hsu solicited investments from clients through, among other ways, advertisements in local Chinese-language newspapers. According to the indictment, Hsu failed to invest her clients’ funds, and instead spent the money on personal expenses, such as credit card bills, personal loans, luxury items and real estate. The money laundering charge in the indictment alleges that Hsu used nearly $1 million stolen from one victim to purchase a condominium in Diamond Bar. Read More