Update: Chinese Tycoon Xiao Jianhua Sentenced to 13 Years in Prison, Conglomerate Fined $8 Billion

A Shanghai court sentenced Chinese-Canadian business tycoon Xiao Jianhua 13 years in prison on Friday and fined Tomorrow Holding Co. Ltd., the financial conglomerate he once controlled, 55 billion yuan ($8.1 billion).

The sentence marks the end of one of the highest-profile cases in China’s years-long crackdown on risks in the country’s 382 trillion yuan financial system.