British hedge fund trader confesses to tax fraud in Danish court By Reuters
Breaking News
‘;
Published Feb 29, 2024 04:19AM ET
Updated Feb 29, 2024 05:30AM ET
© Reuters
COPENHAGEN (Reuters) -A British hedge fund trader on Thursday confessed in a Copenhagen court to helping defraud Danish tax authorities of around 8.4 billion Danish crowns ($1.22 billion) in a so-called “cum-ex” tax fraud scheme, broadcaster DR reported.
Anthony Mark Patterson confessed to having contributed to nearly 3,000 trades that the prosecutor alleges were fraudulent, and to attempted fraud worth around 500 million crowns, the broadcaster said.
Patterson is charged with participating in a scheme in which the Danish state lost more than 9 billion crowns between 2012 and 2015.
The “cum-ex” schemes, which flourished after the 2008 global financial crisis, involved banks and investors swiftly dealing shares around dividend payout days, blurring stock ownership and allowing multiple parties to claim tax rebates in several countries including Germany and Belgium.
Prosecutor Marie Tullin told the court that the fraud happened via tax refunds to U.S. pension plans that were not eligible to pay dividend tax in Denmark.
She said nearly all of the tax refunds ended up with Solo Capital Partners, a London-based hedge fund founded by the main suspect Sanjay Shah, and claimed that the defendants never actually owned the shares.
Patterson’s defence lawyer Henrik Stagetorn told the court that his client had received 100 million crowns for his role in the trading scheme, DR reported.
Stagetorn in mid-February said Patterson had planned to confess. Patterson had initially denied wrongdoing.
Shah, whose hearings are due to begin on March 11, was also present at the court on Thursday, Ritzau news agency reported.
Shah was extradited to Denmark from Dubai in early December and is still held in detention. He denies wrongdoing.
($1 = 6.8727 Danish crowns)
British hedge fund trader confesses to tax fraud in Danish court
Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information
© 2007-2024 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
