The Chinese tycoon who rose to international fame after buying New York’s Waldorf Astoria Hotel was sentenced to 18 years in prison after being convicted of cheating investors out of more than $10 billion, the New York Times reports.
HONG KONG — Wu Xiaohui, the Chinese tycoon who rose to international prominence to buy the Waldorf Astoria Hotel, was sentenced to 18 years in prison on Thursday after having pleaded guilty to defrauding investors.
Mr. Wu was convicted by a court in Shanghai of using the company he founded, Anbang Insurance Group, to cheat investors out of more than $10 billion, in one of China’s biggest cases of financial crime.
Facing a potential life sentence, Mr. Wu had pleaded guilty to the charges and asked the court to consider a lighter sentence.
The Shanghai No. 1 Intermediate People’s Court handed down its sentence as 50 people, including members of Mr. Wu’s family, sat in the courtroom, according to a statement from the court.
Mr. Wu was thrust into the spotlight in February when the government seized Anbang, in part of a crackdown on companies that have acquired too much debt by bingeing on overseas assets.
He initially contested the charges in March during his first and only appearance in the court, which included allegations that he had instructed his employees to flee overseas and change their contact information when the government began investigating the company last year.
