Wu Xiaohui, the former chairman of Anbang Insurance Group, was sentenced to 18 years in prison after being convicted by a Chinese court of orchestrating a $12 billion fraud. In addition to his prison term, Wu will also have $1.65 billion worth of assets seized by Chinese authorities, the state news agency Xinhua said on Thursday. Wu was charged with embezzling about $1.6 billion and raising about $10.2 billion in capital illicitly. His one-day trial […]
source https://therealdeal.com/2018/05/10/anbangs-ex-chairman-gets-18-years-for-12b-fraud/
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