Solo Capital (Solo Capital Partners LLP)[1] was a British hedge fund created by the trader and convicted tax fraudster Sanjay Shah in 2009.[2][3] It was closed in 2015[4] while it was being investigated by Danish tax authorities for fraud related to Cum-Ex Files.[3]
History edit
Solo Capital was founded by Sanjay Shah in 2009 with an office of eight employees. Shah started the firm after the trading desk he was previously working at Rabobank closed its dividend arbitrage desk due to the financial crisis.[5]
Solo Capital worked with over 200 Americans who owned the self-directed pension plans to take advantage of a 27% withheld tax refund for US pension funds holding Danish stocks. Solo capital ran this trade between 2012 and 2015.[5][2] The Danish tax authority claims the refunds were fraudulent.
In 2014, the Danish tax authorities paid over 1,500 tax refund applications worth $590 million. In 2015, the Danish tax authorities paid over 2,500 tax refund applications worth $1.2 billion. Most of these were for Solo Capital clients.[5]
Solo Capital shut down in 2015.[4] In 2016, its London offices were raided by the National Crime Agency.[5]
In 2024, Anthony Mark Patterson, a trader for Solo Capital, was sentenced to eight years in prison by a Danish court.[6][7]
Sanjay Shah is currently on trial in Copenhagen.[2]
See also edit
References edit
- ^ "Solo Capital Partners LLP - Company Profile and News". Bloomberg.com. Retrieved 2024-03-13.
- ^ a b c France-Presse, Agence (2024-03-11). "British hedge fund trader goes on trial in Denmark accused of £1bn fraud". The Guardian. ISSN 0261-3077. Retrieved 2024-03-13.
- ^ a b Dakers, Marion (2016-07-16). "Troubled hedge fund Solo Capital shuts its doors". The Telegraph. ISSN 0307-1235. Retrieved 2024-03-13.
- ^ a b "Hedge Fund Solo Capital Partners to Close Amid Reports of Probe". Bloomberg.com. 2015-11-26. Retrieved 2024-03-13.
- ^ a b c d Segal, David (2018-10-05). "Where in the World Is Denmark's $2 Billion?". The New York Times. ISSN 0362-4331. Retrieved 2024-03-13.
- ^ "British trader gets 8 years in prison over Danish tax fraud". Reuters. 2024-03-01. Retrieved 2024-03-12.
- ^ "British Trader Pleads Guilty to Tax Scandal Charges in Denmark". Bloomberg.com. 2024-02-29. Retrieved 2024-03-13.