Wu Xiaohui, former chairman and general manager of Anbang Insurance Group, has been sentenced to 18 years in prison for fundraising fraud and embezzlement of corporate funds.
The Shanghai Municipal No. 1 Intermediate People's Court announced the sentence Thursday.
Wu was also deprived of his political rights for four years, and had 10.5 billion yuan (1.6 billion U.S. dollars) of his property confiscated, according to the court sentence.
His illegal gains and relevant yields they generated will be retrieved, the sentence said.