British hedge fund trader confesses to tax fraud in Danish court

Anthony Mark Patterson confessed to having contributed to nearly 3,000 trades that the prosecutor alleges were fraudulent, and to attempted fraud worth around 500 million crowns, the broadcaster said. Patterson is charged with participating in a scheme in which the Danish state lost more than 9 billion crowns.

A British hedge fund trader on Thursday confessed in a Copenhagen court to helping defraud Danish tax authorities of around 8.4 billion Danish crowns ($1.22 billion) in a so-called "cum-ex" tax fraud scheme, broadcaster DR reported. Anthony Mark Patterson confessed to having contributed to nearly 3,000 trades that the prosecutor alleges were fraudulent, and to attempted fraud worth around 500 million crowns, the broadcaster said.

Patterson is charged with participating in a scheme in which the Danish state lost more than 9 billion crowns. Patterson's defence lawyer Henrik Stagetorn told the court that his client had received 100 million crowns for his role in the trading scheme, DR reported.

Stagetorn in mid-February said Patterson had planned to confess. Patterson had initially denied wrongdoing. The main suspect in the cum-ex case, Sanjay Shah, whose hearings are due to begin on March 11, was also present at the court on Thursday, Ritzau news agency reported.

Solo Capital Partners founder Sanjay Shah was extradited to Denmark from Dubai in early December and is still held in detention. He denies wrongdoing. ($1 = 6.8727 Danish crowns)

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