UK FCA Fines Mako Financial Markets Partnership $2 Million for Failures Against Financial Crime Relating to Cum-Ex Trading (Withholding Tax Claims), Received £1.45 Million Commission by Executing OTC Equity Trades on Behalf of Solo Group Clients with Trades of £68.6 Billion in Danish Equities & £23.6 Billion in Belgian Equities, Former Morgan Stanley & Credit Suisse Banker Solo Capital Partners Sanjay Shah Accused of $2 Billion Cum-Ex Tax Fraud for Pension Funds
19th February 2025 | Hong Kong
The UK FCA (Financial Conduct Authority) has fined Mako Financial Markets Partnership $2 million for failures against financial crime relating to Cum-Ex trading (Withholding tax claims), receiving £1.45 million commission by executing OTC equity trades on behalf of Solo Group clients with trades of £68.6 billion in Danish equities & £23.6 billion in Belgian equities. In 2024 May, former Morgan Stanley & Credit Suisse banker Solo Capital Partners Sanjay Shah is accused of $2 billion cum-ex tax fraud for pension funds says in a London court he is an honest man & good trader but relied on others for tax & legal advice. In the court proceedings, it was disclosed Sanjay Shah had paid himself GBP 19 million bonus & bought a Ferrari at age 40. In 2023 May, Sanjay Shah had lost his final appeal in Dubai (Dubai Court of Cessation, 16/5/23) and ordered to pay Denmark tax authorities (Skat) $1.24 billion for Cum-Ex tax fraud including being extradited to Denmark to face prosecution. Sanjay Shah is the alleged mastermind to help pension funds file for of $2 billion of tax returns (rebates) when no actual tax had been paid. An initial ruling was made in Dubai in 2020 August, but Sanjay Shah had appealed to Dubai Court of Appeal. Sanjay Shah is a British citizen and lives on The Palm Jumeirah, an archipelago of artificial islands on the Persian Gulf in Jumeirah, Dubai (UAE). Sanjay Shah was a former banker at Morgan Stanley, Credit Suisse & Rabobank, and founded hedge fund Solo Capital. Sanjay Shah is part of the Cum-Ex tax fraud. Wiki: CumEx-Files is an investigation by a number of European news media outlets into a tax fraud scheme discovered by them in 2017, with estimated losses at $63.2 billion by governments. Banks that are involved in the investigation include Barclays, Merrill Lynch, JP Morgan, Morgan Stanley, BNP Paribas, Banco Santander, Macquarie Bank and Deutsche Bank. UK FCA (18/2/25): “The FCA has fined Mako Financial Markets Partnership LLP (Mako) £1,662,700 for failing to ensure it had effective systems and controls to guard against financial crime. Mako also failed to adequately apply the policies and procedures it did have in place. This eighth enforcement case brought by the FCA, concludes its investigations into cum-ex trading. Working closely with EU and global law enforcement agencies, the FCA has imposed fines of more than £30m in relation to this trading. Between December 2013 and November 2015, Mako executed purported over-the-counter equity trades on behalf of clients of the Solo Group, worth approximately £68.6bn in Danish equities and £23.6bn in Belgian equities. Mako received commission of approximately £1.45m. The trading was circular, which is highly suggestive of financial crime. It appears to have been carried out to allow the arranging of withholding tax (WHT) reclaims in Denmark and Belgium. Several individuals have now been convicted in Denmark as part of this scheme. Mako additionally failed to identify red flags in other instances related to the Solo Group business. This involved a series of transactions which had no obvious rationale, and which resulted in the Solo Group’s controller incurring a €2m loss, to the benefit of his business associates. Mako also received payment from a United Arab Emirates-based third party connected to the Solo Group for outstanding debts owed by the Solo Group’s clients without performing any due diligence which created an increased risk of money laundering.”
“ UK FCA Fines Mako Financial Markets Partnership $2 Million for Failures Against Financial Crime Relating to Cum-Ex Trading (Withholding Tax Claims), Received £1.45 Million Commission by Executing OTC Equity Trades on Behalf of Solo Group Clients with Trades of £68.6 Billion in Danish Equities & £23.6 Billion in Belgian Equities, Former Morgan Stanley & Credit Suisse Banker Solo Capital Partners Sanjay Shah Accused of $2 Billion Cum-Ex Tax Fraud for Pension Funds “
Former Morgan Stanley & Credit Suisse Banker Solo Capital Partners Sanjay Shah Accused of $2 Billion Cum-Ex Tax Fraud for Pension Funds Says in London Court He is an Honest man & Good Trader But Relied on Others for Tax & Legal Advice, Paid Himself GBP 19 Million Bonus & Bought Ferrari at Age 40
24th May 2024 – Former Morgan Stanley & Credit Suisse banker Solo Capital Partners Sanjay Shah is accused of $2 billion cum-ex tax fraud for pension funds says in a London court he is an honest man & good trader but relied on others for tax & legal advice. In the court proceedings, it was disclosed Sanjay Shah had paid himself GBP 19 million bonus & bought a Ferrari at age 40. In 2023 May, Sanjay Shah had lost his final appeal in Dubai (Dubai Court of Cessation, 16/5/23) and ordered to pay Denmark tax authorities (Skat) $1.24 billion for Cum-Ex tax fraud including being extradited to Denmark to face prosecution. Sanjay Shah is the alleged mastermind to help pension funds file for of $2 billion of tax returns (rebates) when no actual tax had been paid. An initial ruling was made in Dubai in 2020 August, but Sanjay Shah had appealed to Dubai Court of Appeal. Sanjay Shah is a British citizen and lives on The Palm Jumeirah, an archipelago of artificial islands on the Persian Gulf in Jumeirah, Dubai (UAE). Sanjay Shah was a former banker at Morgan Stanley, Credit Suisse & Rabobank, and founded hedge fund Solo Capital. Sanjay Shah is part of the Cum-Ex tax fraud. Wiki: CumEx-Files is an investigation by a number of European news media outlets into a tax fraud scheme discovered by them in 2017, with estimated losses at $63.2 billion by governments. Banks that are involved in the investigation include Barclays, Merrill Lynch, JP Morgan, Morgan Stanley, BNP Paribas, Banco Santander, Macquarie Bank and Deutsche Bank.
Former Morgan Stanley & Credit Suisse Banker Sanjay Shah Lost Appeal in Dubai and Ordered to Pay Denmark Authorities $1.24 Billion for Cum-Ex Tax Fraud Including Extradition to Denmark, Alleged Mastermind Helping Pension Funds Filed for $2 Billion Tax Returns Rebates When No Actual Tax Had Been Paid
20th May 2023 – Former Morgan Stanley & Credit Suisse banker, and hedge fund founder Sanjay Shah had lost his final appeal in Dubai (Dubai Court of Cessation, 16/5/23) and ordered to pay Denmark tax authorities (Skat) $1.24 billion for Cum-Ex tax fraud including being extradited to Denmark to face prosecution. Sanjay Shah is the alleged mastermind to help pension funds file for of $2 billion of tax returns (rebates) when no actual tax had been paid. An initial ruling was made in Dubai in 2020 August, but Sanjay Shah had appealed to Dubai Court of Appeal. Sanjay Shah is a British citizen and lives on The Palm Jumeirah, an archipelago of artificial islands on the Persian Gulf in Jumeirah, Dubai (UAE). Sanjay Shah was a former banker at Morgan Stanley, Credit Suisse & Rabobank, and founded hedge fund Solo Capital. Sanjay Shah is part of the Cum-Ex tax fraud. Wiki: CumEx-Files is an investigation by a number of European news media outlets into a tax fraud scheme discovered by them in 2017, with estimated losses at $63.2 billion by governments. Banks that are involved in the investigation include Barclays, Merrill Lynch, JP Morgan, Morgan Stanley, BNP Paribas, Banco Santander, Macquarie Bank and Deutsche Bank.
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