Diamond Bar Woman Arrested for Money Laundering

Photo courtesy: Google

By Anthony Saude

 

DIAMOND BAR— A Diamond Bar woman was arrested by FBI agents for fraud, money laundering, embezzlement, and five other counts, after an indictment was issued, according to the US Attorneys Office.

Li Lin Hsu, 40, who formerly worked as an Ameriprise Financial Adviser was arrested by special agents for allegedly embezzling clients’ funds that she promised would be invested. Instead Hsu used the money for a $1 million condominium and other personal expenses, the indictment read.

The trial for Hsu is expected to begin June 12 in Santa Ana on the federal charges. If convicted, she could face up to 20 years in federal prison for each of the fraud counts, 10 years on the money laundering count, and 5 years on the obstruction of justice charge.

The indictment also charges Hsu with three counts each of mail and wire fraud, with one count of money laundering and one count of obstruction of justice.

Over a five-year period, while employed by Ameriprise, Hsu solicited investments from clients through advertisements in local Chinese-language newspapers, among other ways. She allegedly continued the crime even after her 2015 termination from the company. The indictment contends that Hsu conned 11 victims out of at least $2 million.

According to the indictment, Hsu never invested her clients’ money in anything; instead she spent the money on her own personal expenses, such as credit card bills, personal loans and luxury items. It is believed that she even purchased a $1 million condo with some of the money.

The money laundering charge alleges Hsu used nearly $1 million stolen from one victim to purchase her condo in Diamond Bar. Hsu allegedly attempted to conceal the Real Estate scheme by using some of the stolen money to pay back some of the other victims to throw the authorities off of her trail. She sent her clients bogus account statements with phony investment purchase confirmations.

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