Fare-dodging banker banned from City

[Conniff]

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 Jonathan Paul Burrows 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 Burrows is believed to have dodged £42,550 in fares.

 

The City watchdog said he "demonstrated a lack of honesty and integrity".

 

"Mr Burrows has admitted that, on a number of occasions, he deliberately and knowingly failed to purchase a valid ticket to cover his entire journey," the Financial Conduct Authority (FCA) said.

 

"As Mr Burrows held a senior position within the financial services industry and was an approved person, he should have been a role model for others and his conduct has fallen short of the standard expected for someone in his position," the organisation added.

 

Mr Burrows boarded trains at Stonegate in East Sussex, where there are no ticket barriers

 

Mr Burrows avoided paying the full fare by boarding the London-bound train at Stonegate - a rural station with no barriers - without purchasing a ticket.

 

On arriving in London, he went through the barriers at Cannon Street Station using an Oyster travel card, incurring a maximum fare of £7.20.

'I was foolish'

Mr Burrows, who is now banned for life from working in any regulated financial industries, has since paid back the £42,550, plus £450 in legal costs.

 

Reacting to the FCA's decision, he said: "I have always recognised that what I did was foolish. I have apologised to all concerned and reiterate that apology publicly."

 

However he added that "the size of the settlement [with Southeastern] could be said to have led to a distorted perception of the scale of my wrongdoing".

 

"While I respect the FCA's decision today, I also regret it, coming as it did after a 20-year career in the City that was without blemish.

 

"I recognise that the FCA has on its plate more profound wrongdoing than mine in the financial services sector, and I am sorry that my case has taken up its time at this critical juncture for the future of the City and its reputation."

[SabreSheep]

Story sounds familiar, wonder if he was a poster on cag at some point

[honeybee13]

It really caught up with him, didn't it?

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?430234-City-fund-manager-dodged-fare-for-5-years&highlight=jonathan+burrowes

 

HB

[timbo58]

I remember that.

Maybe he would have given the same 'attitude' to the magistrates if the ToC had taken him to court?

 

It seemed very much to me as 'I've paid them what I owe them now finally they've caught me so that's ok then.....fair game'.

 

No, it isn't ok, I don't blame the TOC (who are, after all is said and done, a commercial company) for accepting a huge 'offer out of court' as £40k + isn't small beans to anyone- let's be honest!

However it doesn't serve 'justice' for someone who can easily, (really, really easily) afford to pay £20 a journey to then be allowed to simply recompense the TOC he was stealing from for 4 years for their 'losses' without actually acknowledging or paying a penalty for the outright arrogant theft he was committing.

 

I can understand when someone who simply can't afford to pay for a journey tries to fare dodge, but this is like me stealing a car regularly to get to work, despite the fact I can easily afford to buy a new one every few years, it's insulting to normal punters and staff and his attitude seems to be 'oh well I made a mistake and lost at the 'game of fare dodging'.

 

Pathetic -if that's now cost you any chance of a career in a role that demands (and should do) absolute trust from client and employer then you bloody well deserve it.

[*RainbowTears*]

Gawd blimey!!

 

has since paid back the £42,550, plus £450 in legal costs.

 

So he had the £42.500 in funds, to pay back in full, yet he wouldn't pay the £20 fare due each time?

 

Pathetic arrogance indeed!

 

if that's now cost you any chance of a career in a role that demands (and should do) absolute trust from client and employer then you bloody well deserve it.

 

Hear Hear! Just desserts, I say!!