Tuesday, 29 July 2014
Last updated 19 hours ago
Apr 14 2014 | 10:53am ET
He didn't do anything as undignified as jumping a stile, but a British hedge fund manager apparently dodged £42,550 (US$71,000) in train fares.
The unnamed executive—who has avoided prosecution by repaying the dodged fares plus £450 (US$750) in legal costs—is believed to have paid only one-third the cost of his daily commute from Stonegate, East Sussex to Cannon Street, central London for five years.
The Stonegate station has no ticket barriers, so the man was avoided "tapping in" with his Oyster card transit pass, and only "tapped out" through the barriers once he reached Cannon Street.
He also managed to avoid ticket inspectors on the train, until a sharp-eyed Southeastern Railway inspector standing next to the barriors last November noticed the man was only paying the maximum fare—£7.20 (US$12)—incurred when a passenger tapped out through a barrier without having tapped in.
A spokesman for the railway told the Kent and Sussex Courrier: "We recognize that this issue is important to customers who pay their way and expect the system to treat them with fairness by acting against people who don't buy tickets."
But the hedgie's out-of-court settlement has drawn criticism from some who say it is unfair that he avoided prosecution because he had the money to repay the fares.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…