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| Fare-dodging hedge fund manager banned from City | |
| (2 days later) | |
| A London hedge fund manager 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. | 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. | 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". | 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. | "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. | "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 avoided paying the full fare by boarding the London-bound train at Stonegate - a rural station with no barriers - without purchasing a ticket. | 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. | 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' | '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. | 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." | 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". | 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. | "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." | "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." |