A former Chinese Communist Party (CCP) chief and securities regulator was sentenced to death by the Chinese government for bribery and insider trading. The sentence was subject to a two year reprieve.

Tong Daochi was found to have accepted over 270 million yuan ($40 million) in bribes while serving as party chief for the southern city of Sanya, and at the China Securities Regulatory Commission, where he served immediately prior. The government found he took bribes in return for giving individuals and companies a leg up as they pursued stock listings, financing and other matters.

While he was deputy director of the CSRC’s issuance supervisory department, Tong was also involved in insider trading, taking illegal profits amounting to more than 3.38 million yuan.

Under Chinese law, the reprieve means if Tong is found to have maintained good behavior for two years, his sentence will be commuted to life in prison.

Tong, 55, worked at the CSRC for 14 years, having joined in the year 2000. At his peak, he serves as head of its international affairs department. He was then appointed as assistant commerce minister in 2014, and then headed Hubei province in 2016 before taking the position as party chief in Sanya city in 2018.

His conviction is part of a larger crackdown on corruption launched by President Xi recently, with a special focus on financial institutions and regulators. China executed Lai Xiaomin, former chairman of China Huarong Asset Management Company, in January of last year for bribery and other crimes.