Li-Lin Hsu (also known as Yilin Hsu) of Los Angeles California a stockbroker formerly registered with Ameriprise Financial Services Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Hsu failed to comply with paying a customer $675,000.00 in damages after being found liable on the customer’s claims including breach of contract and fiduciary duties as well as misappropriation of the customer’s funds. FINRA Arbitration No. 15-02285 (Feb. 26, 2018).
This is the third time Hsu has been sanctioned by FINRA for misconduct in the securities industry. Specifically, Hsu was suspended from associating with any FINRA member based upon accusations of her failure to provide a response to FINRA’s requests for her information. Case No. 2015045016701 (Sept. 21, 2015). Apparently, Hsu had been provided until December 1, 2015 to seek the termination of her suspension, otherwise it would convert to a bar. Apparently, Hsu’s suspension was lifted in December 2, 2015.
Subsequently, Hsu was subject of another FINRA request for information which she neglected to timely respond to. Consequently, Hsu was issued a Notice of Suspension letter by FINRA on March 24, 2016 and a Suspension from Association letter by FINRA dated June 1, 2016. Apparently, Hsu failed to respond by the deadline FINRA imposed resulting in her being barred by FINRA in all capacities. Case No. 2015045016702 (June 1, 2016). Apparently, Hsu appealed FINRA’s bar to Securities and Exchange Commission (SEC); however, Hsu’s application for review had been dismissed making FINRA’s decision to bar Hsu final in November of 2016.
FINRA Disclosure confirms that Hsu is referenced in two customer initiated investment related disputes pertaining to allegations of her misconduct when she was associated with Ameriprise Financial. In particular, on May 19, 2015, a customer filed an investment related complaint concerning Hsu’s conduct in which the customer requested unspecified damages supported by accusations that without the customer’s knowledge or consent, transactions had been executed in the customer’s account while Hsu was employed by Ameriprise causing the customer to lose an estimated $10,000.00 in interest.
Another customer initiated investment related arbitration claim concerning Hsu’s activities has been settled for $100,000.00 in damages founded on allegations that while Hsu was associated with Ameriprise Financial, the customer was steered by Hsu towards buying an unsuitable, unprofitable business through Hsu’s outside business activities; and the customer’s funds had been illegally obtained by Hsu in connection with the business purchase. FINRA Arbitration No. 17-00102 (Apr. 17, 2018).
Ameriprise Financial discharged Hsu based upon accusations of her commingling investor funds; failing to properly handle a customer complaint; and maintaining a relationship with a customer in violation of the firm’s policies.
