UK Trader Pleads Guilty to $1.2 Billion Danish Cum-Ex Fraud (1)

A British hedge fund trader pleaded guilty to allegations he helped swindle Denmark out of about 8.4 billion kroner ($1.2 billion) in a massive Cum-Ex scandal that rocked the Nordic country.

Anthony Patterson, who was hired by Solo Capital’s Sanjay Shah in March 2013, admitted to charges of complicity in serious fraud, his defense lawyer said in a Danish court on Thursday.

The confession is a major win for Denmark, which has been haunted by the Cum-Ex scandal for years, as the nation seeks to hold culprits to account and reclaim 12.7 billion kroner it lost in the scam. ...