SHANGHAI (AP) — Chinese state media say a court in Shanghai has sentenced the founder of the Chinese insurance company that owns New York City's Waldorf Hotel to 18 years in prison after he pleaded guilty to fraudulently raising billions of dollars from investors.

The Xinhua News Agency said the Shanghai No. 1 Intermediate People's Court handed down the sentence Thursday against Wu Xiaohui, the former chairman of Anbang Insurance Group.

Wu, who founded privately owned Anbang in 2004, has been accused of misleading investors and diverting money to his own use. He was detained last year and regulators seized control of Anbang in February. He was shown on state TV in March admitting guilt.

Wu initially had denied his guilt at his one-day trial, according to an earlier court statement.