China sentences founder of Anbang to 18 yrs for $10 bn fraud
A Shanghai court has sentenced Wu Xiaohui, the founder of the Chinese insurance company Anbang, to 18 years in prison for fund-raising fraud and embezzlement worth more than $10 billion. The court also ordered confiscation of $1.7 billion of his assets. Wu, who founded Anbang in 2004, was detained last year and regulators seized control of Anbang in February.