The first Danish conviction in the ‘Cum-Ex’ tax evasion scandal has seen a hedge fund trader sentenced to six years behind bars for his role in a scheme that cost the country’s treasury an estimated DKK12.7bn ($1.9bn), according to a report by Bloomberg.
The report cites a court statement as confirming that Guenther Klar was found guilty in a Danish district court of swindling the state out of DKK320m between 2012 and 2015 in tax refunds from fake stock trades made by his company.
Klar, 54, who has also been banned from living in Denmark and had DKK175m in funds seized, is one of nine defendants from the US and UK to be charged over the Cum-Ex scandal.
Sanjay Shah, Founder of hedge fund Solo Capital Partners, who has been identified as the mastermind of an EU-wide scam which was allegedly carried out by an international network of bankers, lawyers and agents, has been charged with defrauding the Danish treasury of DKK9bn, with his trial alongside alleged accomplice Anthony Patterson, set to begin on 29 February.
