Danish Authority Triumphs in Landmark U.S. Trial Over Tax Fraud

A Manhattan federal jury awarded Denmark's tax authority $500 million in a landmark U.S. civil trial. The case centered on the 'cum-ex' trading fraud led by British trader Sanjay Shah, involving fake claims of tax refunds on dividends that weren't received. SKAT's victory is pivotal in global recovery efforts.

A federal jury in Manhattan has awarded Denmark’s tax authority $500 million, concluding the first U.S. civil trial over attempts to recover $2.1 billion in fraudulently obtained tax refunds.

The jury sided with SKAT, the Danish tax agency, against four individuals and 17 pension plans accused of orchestrating the complex 'cum-ex' trades. The trades misrepresented stock ownership to unjustly claim tax refunds between 2012 and 2015.

British hedge fund trader Sanjay Shah was identified as the mastermind behind the scheme. Shah has already been sentenced to 12 years in prison by a Danish court. This trial marks a significant victory for SKAT as it seeks justice worldwide.