A British hedge fund trader should stand trial in Denmark over claims he helped defraud the country’s tax authorities of more than £1bn, Westminster magistrates court has ruled.
A London judge said trader Anthony Mark Patterson should be extradited to Denmark to face two charges concerning his alleged role in the £1.5bn tax fraud scheme, Bloomberg first reported.
Patterson is accused of acting as an assistant to hedge fund manager Sanjay Shah, who is alleged to have masterminded the “cum-ex” tax fraud scheme.
The scheme allegedly saw Shah’s Solo Capital hedge fund deceive Denmark’s tax authorities into paying £1.5bn in refunds on dividends between 2012 and 2015.
The extradition order comes after a Dubai appeals court last week said Shah should pay £1.1bn back to the Danish taxman, after Denmark filed a civil suit against the Solo Capital founder in 2018.
A UAE court earlier refused to extradite Shah to Denmark in a ruling that is being appealed by Danish authorities. Both Patterson and Shah deny any wrongdoing.