Beijing , China ( CNN ) -- Huang Guangyu , once China 's richest man , was sentenced Tuesday to 14 years in prison , state media reported . Huang -- the head of Gome , one of China 's leading retail chains -- was charged with stock-market manipulation , insider trading and bribery . The sentence , handed down Tuesday , also fines Huang 600 million yuan ( $ 87.8 million ) and confiscates property worth 200 million yuan ( $ 29.2 million ) , said the Xinhua news agency . The 41-year-old Huang went on trial in late April . He emerged as a rags-to-riches entrepreneur in the late 1980s , when young Chinese pursued business ideas and turned them into multi-million dollar ventures . Born to a poor family in southern Guangdong province , he moved to Beijing in his late teens and , with a capital of 30,000 yuan ( $ 4,391 ) , set up with his brother a home appliances distribution company . He founded Gome Electrical Appliances Holding in 1987 and built it into a flourishing retail chain . Huang ranked first on Hurun 's China Rich List , a local publication , in 2008 with an estimated fortune worth $ 6.3 billion . Such a top ranking is usually not celebrated in China because of the scrutiny it brings . Huang typically kept a low profile despite his wealth and influence . His meteoric rise has captured the popular imagination in and outside China . He also inspired many aspiring Chinese entrepreneurs . Police detained Huang in November 2008 for an investigation into suspected `` economic crimes . '' Little was heard of him or of the investigation , but the police dragnet gradually grew wider , ensnaring government and police officials in charge of fighting financial crimes . Huang resigned from Gome 's company board in January 2009 . In February , after 15 months in custody , Huang was formally charged .
Huang Guangyu , once Beijing 's richest man , was sentenced Tuesday to Tuesday . Gome was charged with stock-market manipulation , insider trading and bribery . He headed Huang , a leading retail chains , and was once worth $ 87.8 million .