'Hedge fund manager in ^42,550 train fare dodge' - ongoing discussion

[whole diary]

[grahame]

At the risk of re-kindling a fire,  the person concerned has been named here - the Daily Mail

I am going to unlock the thread should anyone wish to comment, but will be keeping a watch ...

[LiskeardRich]

Being the Daily Mail I will take it with a pinch of salt. ^1m a year, most of us don't earn that in 40 years!

[ChrisB]

That job would easily pay that....

[John R]

Given the comments by his employer, and the fact that the FCA's register of Approved Persons shows him no longer in an AP position since 25/7/14, I think I would tend to believe the Daily Mail in this instance.

On the assumption that the story is accurate, I for one am pleased that he has been exposed. I wonder if he will be as popular down the local golf club (or wherever) this weekend.  

[Btline]

I don't understand why TFL^▸ (Transport for London) didn't notice that he was only touching out only for 5 years!
Surely seeing the maximum fare being paid every day (esp at a London terminal) would arouse suspicions!

Perhaps he bought a zone 1 travel card, where I don't think you have to touch in and out. But if that's the case - how did he get caught.

Doesn't make sense.

[LiskeardRich]

I don't understand why TFL^▸ (Transport for London) didn't notice that he was only touching out only for 5 years!
Surely seeing the maximum fare being paid every day (esp at a London terminal) would arouse suspicions!

Perhaps he bought a zone 1 travel card, where I don't think you have to touch in and out. But if that's the case - how did he get caught.

Doesn't make sense.

An unregistered oyster would be untraceable even If suspicion did arise.

[Chris from Nailsea]

I don't understand why TFL^▸ (Transport for London) didn't notice that he was only touching out only for 5 years!
Surely seeing the maximum fare being paid every day (esp at a London terminal) would arouse suspicions!

Perhaps he bought a zone 1 travel card, where I don't think you have to touch in and out. But if that's the case - how did he get caught.

Doesn't make sense.

Erm, Btline: I think you need to re-read this particular topic from the beginning - it should all become clear. 

[Btline]

I have. It appears Xxxxxx Xxxxxxxx paid the max fare on his Oyster^▸ (Smartcard system used by passengers on Transport for London services) each day. Surely that would have aroused suspicion over the 5 years?!?

If it was unregistered, presumably it would still flag up and if Xxxxxxxx caught the same train each day (there is one morning peak direct to Canon Street service from the Hasting line - so easy) then I'm sure they still could have set up a block on that card and nailed him.

For me, the message it sends out is: buy a zone 1 travel-card and travel in from anywhere! Revenue protection is non-existant. If Xxxxxxx had done that then he still would be fare dodging successfully!

Edit by admin  Btline - I have edited this post to remove the name of the person.   Everyone else who's posted (since we re-opened and his name was in the paper and known) has followed this convention ... having had a recent incident in which a newspaper we quoted that included a name lost a supreme court case and we had to change our post like the newspaper did I would prefer to let the newspaper take the full risk in this case 

[thetrout]

Interesting footwear choice given 'the suit'

Oh and perhaps I should get a new job in clairvoyance.........

[John R]

Oh and perhaps I should get a new job in clairvoyance.........

Except he didn't work for a hedge fund.

It seems it all came out because BTP^▸ (British Transport Police) took an interest, and then the FCA got involved, not because somebody put 2 and 2 together.

[SDS]

Wow BTP^▸ (British Transport Police) being proactive. Never. Shock.

[basset44]

Hi All,

This has turned out costly for the person

Fare-dodging banker banned from City

A London banker who regularly avoided buying a train ticket on his commute to the City has been banned from working in the financial services industry.

BlackRock director xxxxx was caught by inspectors at Cannon Street station last year and admitted to avoiding the ^21.50 fare from Stonegate in East Sussex.

In total, Mr xxxx is believed to have dodged ^42,550 in fares.

http://www.bbc.co.uk/news/business-30475232

[ChrisB]

I think you can name him here as he's identified in the article.

[grahame]

I think you can name him here as he's identified in the article.

Yes, you can ... but thank you for the care.  It's even possible for the law to require that articles printed in the press which appear online quite legally to need to be subsequently changed if, for example, an appeal overturns an original decision, and in theory we could be asked (or indeed required) to make changes at a later date. Oh - and while I say "in theory" this has actually happened to us on one occasion.

[Tim]

I don't understand why TFL^▸ (Transport for London) didn't notice that he was only touching out only for 5 years!
Surely seeing the maximum fare being paid every day (esp at a London terminal) would arouse suspicions!

Perhaps he bought a zone 1 travel card, where I don't think you have to touch in and out. But if that's the case - how did he get caught.

Doesn't make sense.

That is what I thought.  It just seems to me that he wasn't a very good fare dodger.  You and I might have done it differently if we were dishonestly inclined, but the fact that it took 5 years to catch him does not speak very highly of the TOC^▸ (Train Operating Company) does it.  These are supposed to be money-grabbing capitalist companies after all.