A hedge fund trader was sentenced to six years in prison in Denmark in what’s the first conviction over Cum-Ex tax trades in the Nordic country in a scandal that cost the Danish treasury a total of 12.7 billion kroner ($1.9 billion).
A Danish district court found Guenther Klar guilty of swindling the state out of 320 million kroner between 2012 and 2015 through dividend tax refund applications based on fictitious stock trades run by his company, the court said in a statement.