Wednesday, 1 October 2014
Last updated 10 min 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...