Britain's Biggest Fare Dodger A Hedgie

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.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...