CL-2018-000297, CL-2018-000404, CL-2018-000590, - [2025] EWHC 2364 (Comm)

As a witness, Mr Murphy was also straightforward and fair, candid as to basic facts and open as to his knowledge or understanding of what was happening at the time. That very candidness demonstrated a casual and routine willingness to operate on a dishonest basis, at least as regards what he was asked to do by Sanjay Shah. He is one of a number of cogs in the successful machine that the Solo Model trading became who gave no real thought at the time to what that trading actually was or involved, or how therefore it was generating the huge returns it was generating. Nonetheless, I accept that indeed he did not give that any real thought, and as a result he did not at the time realise that he was helping Sanjay Shah with a scheme for ‘settling’ share transactions without the use of shares so as, in substance, to conjure up money (in the form of tax refund claims paid by SKAT) out of nothing.