COPENHAGEN (Reuters) – A British hedge fund trader was on Friday sentenced to eight years in prison by a Danish court, after having confessed to helping defraud tax authorities in a so-called “cum-ex” tax scheme, news agency Ritzau reported.
Anthony Mark Patterson on Thursday confessed to having contributed to nearly 3,000 trades, defrauding the Danish tax authorities of around 8.4 billion Danish crowns ($1.22 billion), and to attempted fraud worth around 500 million crowns.
Patterson’s case sets the stage for the upcoming trial of British hedge fund trader Sanjay Shah, the main suspect in the “cum-ex” trading scheme in which the Danish state said it lost more than 12.7 billion crowns.
Solo Capital Partners founder Sanjay Shah was arrested in Dubai in 2022 and extradited to Denmark in early December last year.
Shah is still held in detention and denies any wrongdoing.
(Reporting by Stine Jacobsen, editing by Terje Solsvik and Essi Lehto)
