State TV has shown the founder of the Chinese insurance company that owns New York City's Waldorf Hotel admitting his guilt at a trial on charges he fraudulently raised $10 billion from investors. Wu Xiaohui, former chairman of Anbang Insurance Group, also is accused of improperly diverting money to his own use. Wu, who founded privately owned Anbang in 2004, initially denied his guilt at his one-day trial, according to an earlier court statement. The case added to an avalanche of scandals for Chinese insurers. The chairman of a life insurance company was barred from the industry last year in an unrelated case and a third company was prohibited from trading stocks.

Source: ABC News March 29, 2018 10:09 UTC