London court rules hedge fund trader should be extradited to Denmark over £1.5bn fraud case

A British hedge fund trader can be extradited to Denmark to face charges that he helped defraud the country's tax authorities out of 9 billion kroner ($1. 2bn), a London judge has ruled. 

The Westminster magistrates court 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, according to widespread media reports. 

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 London court ruling on extradition follows a Dubai appeals court decision last week which said Shah should pay £1.1bn back to the Danish taxman, after Denmark filed a civil suit against the Solo Capital founder in 2018.

On 12 September, a UAE court had refused to extradite Shah to Denmark in a ruling that is being appealed by Danish authorities. 

Both Patterson and Shah deny any wrongdoing.