A British hedge fund trader has been sentenced to eight years behind bars by a Danish court after admitting his part in the so-called ‘cum-ex’ tax scheme that defrauded the country’s tax authorities of billions of Danish crowns, according to a report by Reuters.
The report cites the Danish prosecution service as confirming that Anthony Mark Patterson on Thursday admitted to having contributed to around 3,000 trades, defrauding the Danish tax authorities of around 8.4bn Danish crowns ($1.22bn), and to attempted fraud worth around DKK500m.
Patterson has also had DKK100m confiscated by the court – the amount he reportedly made by participating in the fraud, with his defence team reportedly asking for time to consider whether or not to appeal against the severity of his sentence.
The main suspect in the ‘cum-ex’ fraud, UK national and Solo Capital Partners founder Sanjay Shah, who denies any worngdoing, is set to stand trial later in the year, having been extradited to Denmark from Dubai in December 2023.
