More woes for Sanjay Shah as 'accomplice' set to plead guilty
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More woes for Sanjay Shah as ‘accomplice’ set to plead guilty

More woes for Sanjay Shah as ‘accomplice’ set to plead guilty

Anthony Mark Patterson, an alleged ‘accomplice’ of Sanjay Shah, is charged with participating in a scheme in which the Danish state lost more than 9 billion Danish crowns ($1.3bn)

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Hedge fund. - Sanjay Shah

A British hedge fund trader charged with defrauding Danish tax authorities plans to confess to the crime when his court case comes up later this month, his lawyer said on Wednesday.

Anthony Mark Patterson is charged with participating in a scheme in which the Danish state lost more than 9 billion Danish crowns ($1.3bn), and with attempted fraud worth around 500 million crowns more.

“There will be a court hearing in February where he plans to confess,” Patterson’s lawyer Henrik Stagetorn told Reuters, without elaborating.

Patterson had initially denied wrongdoing.

The Copenhagen court in charge of the case was not immediately available for comment on Wednesday. Prosecutors handling the case declined to comment.

READ MORE: Hedge fund trader Sanjay Shah loses appeal over order to pay $1bn in tax

Sanjay Shah drama

Patterson’s charges stem from a Danish investigation into a London-based hedge fund, Solo Capital Partners, related to so-called “cum-ex” trading involving double tax reclaims in which the Danish state says it lost more than 12.7 billion crowns in total.

The main suspect in the cum-ex cases, Briton and Solo Capital Partners founder Sanjay Shah, was extradited to Denmark from Dubai in early December and is still held in detention. He denies wrongdoing.

A Danish court this month jailed another Briton, Guenther Klar, for six years for defrauding tax authorities of more than 320 million crowns as part of the same schemes.

Klar had denied wrongdoing and has appealed his verdict.

 

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