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.

Source: New York Times May 10, 2018 03:22 UTC