Key Takeaways
- • British hedge-fund trader Sanjay Shah, founder of Solo Capital, returned to the High Court in Copenhagen on Tuesday to begin an appeal seeking acquittal of a 12-year prison sentence.
- • Shah, 56, was handed the heaviest jail term so far in Europe's Cum-Ex trading scandal in late 2024, for orchestrating a billion-dollar tax scam.
- • The appeal marks a renewed legal challenge to the sentence, with Shah contesting the conviction rather than accepting the penalty.
Summary
British hedge-fund trader Sanjay Shah returned to court in Denmark on Tuesday to try to overturn a 12-year prison sentence for orchestrating a billion-dollar tax scam, according to Bloomberg. The 56-year-old Solo Capital founder appeared before the High Court in Copenhagen to begin an appeal seeking acquittal.
Shah received the sentence in late 2024, which was the heaviest jail term handed down to date in Europe's sprawling Cum-Ex trading scandal. Cum-Ex schemes involved trading around dividend payment dates to generate multiple tax refunds on a single underlying payment, and the scandal has produced prosecutions across several European countries.
The appeal places the case back before the Danish courts at a time when Shah continues to contest his conviction. Bloomberg Tax separately reported on the appeal under the headline "Hedge-Fund Founder Fights 12-Year Sentence for Dividend Tax Scam."
Shah received the sentence in late 2024, which was the heaviest jail term handed down to date in Europe's sprawling Cum-Ex trading scandal. Cum-Ex schemes involved trading around dividend payment dates to generate multiple tax refunds on a single underlying payment, and the scandal has produced prosecutions across several European countries.
The appeal places the case back before the Danish courts at a time when Shah continues to contest his conviction. Bloomberg Tax separately reported on the appeal under the headline "Hedge-Fund Founder Fights 12-Year Sentence for Dividend Tax Scam."
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