(Bloomberg) -- Hedge fund trader Anthony Patterson was sentenced to eight years in prison in Denmark after pleading guilty to helping to defraud the nation’s treasury of about 8.4 billion kroner ($1.2 billion) through sham Cum-Ex tax trades.

A Danish court on Friday convicted the 52-year-old trader of complicity in serious fraud for helping Solo Capital founder Sanjay Shah in operating a scheme that earned vast sums of money from fraudulent dividend tax refunds.

Patterson will now take time to consider whether he will appeal, his lawyer Martin Simonsen said after the ruling. The Brit is the second trader to be convicted in Denmark out of nine charged in relation to the Cum-Ex scandal, which cost the Danish state a total of 12.7 billion kroner. Last month Guenther Klar was sentenced to six years in prison by the same district court outside Copenhagen.

Cum-Ex was a trading practice in which a global network of bankers, lawyers and agents exploited loopholes on dividend payout laws across Europe to reap duplicate tax refunds.

Read More: Trader Jailed for Six Years in Denmark’s First Cum-Ex Conviction

Speaking at a court hearing on Thursday, Patterson’s lawyers argued he had only played a secondary role in the scheme and that Shah had developed the strategy before Patterson was hired. Shah is due to stand trial in Denmark on March 11, charged with serious fraud.

Patterson, pleading guilty to charges against him, said he only became fully aware of Shah’s trading strategy in late 2013, months after he was hired, and that he was told internally there was legal opinion to support it. Yet he continued to work for Shah and earned a bonus of about 100 million kroner for his role in operating the scheme.

The court said it confiscated 100 million kroner from Patterson and also barred him from operating a business. Patterson will also be deported from Denmark and banned from entering the country.

(Updates with comment from lawyer in third paragraph, details on ruling in seventh)

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