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A Hedge Fund, a Jewish School and $1.1 Billion in Cum-Ex Trades

  • Sanjay Shah charged over trades made in Ezra Academy’s name
  • School ‘presumably’ not informed of alleged scam: prosecutors

Sanjay Shah, a former hedge fund manager charged in two countries over the Cum-Ex scandal, is accused by German prosecutors of using a Jewish school in New York to execute trades totaling 920 million euros ($1.1 billion) as part of a plan to deceive tax authorities.

Shah and a partner at his Solo Capital Partners LLP in 2011 sought to take advantage of the tax-exempt status of Ezra Academy in Queens for the trades, Hamburg prosecutors said in a February indictment seen by Bloomberg News. The men used “purportedly authentic” documents to buy shares on behalf of the school and claim refunds, prosecutors said.