Trader Sanjay Shah Jailed for 12 Years Over Danish Tax Scam (1)

British hedge fund trader Sanjay Shah was sentenced to 12 years in prison by Danish judges for orchestrating a billion-dollar tax scam, the heaviest jail term handed down so far in Europe’s sprawling Cum-Ex trading scandal.

A Danish district court on Thursday convicted the Solo Capital founder of serious fraud for creating a scheme that duped the Nordic nation’s treasury out of more than 9 billion kroner ($1.3 billion) through thousands of sham dividend tax refund applications between 2012 and 2015.

Shah immediately appealed the decision. He has consistently denied any wrongdoing, claiming he merely took advantage of legal loopholes. ...