A British hedge fund trader will be held in a Danish jail pending his trial later this year for allegedly facilitating Cum-Ex tax trades that swindled the nation’s treasury out of about 9 billion Danish kroner ($1.3 billion).
(Bloomberg) — A British hedge fund trader will be held in a Danish jail pending his trial later this year for allegedly facilitating Cum-Ex tax trades that swindled the nation’s treasury out of about 9 billion Danish kroner ($1.3 billion).
Anthony Patterson, who was extradited this week to Denmark and maintains his innocence, is a flight risk, the newswire Ritzau reported, citing the judge’s ruling. The court rejected an appeal for him to remain free, it said.
No one at the court responded to a call from Bloomberg seeking confirmation outside regular office hours. The decision wasn’t posted on the tribunal’s website.
Danish authorities say Patterson was an accomplice of Sanjay Shah, the alleged mastermind of the massive fraud. Shah, a British national who likewise has maintained his innocence, in May lost an appeal at a Dubai court of an order to pay Danish authorities more than 8.5 billion kroner.
Denmark says Shah got at least 80% of around 9 billion kroner in tax refunds as part of a scheme in which he traded shares on behalf of pension funds that either didn’t exist or that weren’t entitled to such claims. Patterson worked at Shah’s Solo Capital Partners from 2013, Danish authorities have said.
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