Solo Capital

Solo Capital Partners LLP
FormerlySolo Capital Ltd
Company typeFinancial Services
Founded2009
FounderSanjay Shah
FateSpecial administration
Websitewww.solocapital.com

Solo Capital (Solo Capital Partners LLP)[1] was a British hedge fund created by the trader Sanjay Shah in 2009.[2][3] It was closed in 2015[4] while it was being investigated by Danish tax authorities for tax fraud.

History

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, pleaded guilty and was sentenced to eight years in prison by a Danish court.[6][7]

Shah was extradited to Denmark in December 2023. In December 2024 Shah was sentenced for 12 years in jail for tax fraud.[8]

See also

References

  1. ^ "Solo Capital Partners LLP - Company Profile and News". Bloomberg.com. Retrieved 2024-03-13.
  2. ^ a b "British hedge fund trader goes on trial in Denmark accused of £1bn fraud". The Guardian. Agence France-Presse. 2024-03-11. ISSN 0261-3077. Retrieved 2024-03-13.
  3. ^ Dakers, Marion (2016-07-16). "Troubled hedge fund Solo Capital shuts its doors". The Telegraph. ISSN 0307-1235. Retrieved 2024-03-13.
  4. ^ a b "Hedge Fund Solo Capital Partners to Close Amid Reports of Probe". Bloomberg.com. 2015-11-26. Retrieved 2024-03-13.
  5. ^ 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.
  6. ^ "British trader gets 8 years in prison over Danish tax fraud". Reuters. 2024-03-01. Retrieved 2024-03-12.
  7. ^ "British Trader Pleads Guilty to Tax Scandal Charges in Denmark". Bloomberg.com. 2024-02-29. Retrieved 2024-03-13.
  8. ^ Buttler, Mark (2024-12-12). "British Hedge Fund Founder Sanjay Shah Jailed Over Cum-Ex Scam in Denmark". Bloomberg. Retrieved 2025-01-01.

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