Former BlackRock Managing Director Jonathan Paul Burrows has been barred for life from the finance industry for not paying his British train fares, The New York Times reported.
Regulators say he “lacks honesty and integrity.”
The UK’s Financial Conduct Authority banned Burrows from taking any senior job in financial services, The Guardian reported, stating, “His conduct fell short of the standards we expect.”
Each morning he’d reportedly board a commuter train in a small town in another county with no ticket barriers, and only pay the London Underground fee when he got into the city. He paid £7.20 ($US11.34) a day instead of £21.50 ($US33.88), and managed to save himself nearly £43,000 ($US67,236) over a number of years, according to The Guardian.
It worked out pretty well for him until Nov. 19, 2013, when he was caught leaving the train station in London without a ticket. That’s when authorities realised he hadn’t bought a season’s pass since 2009.
He repaid the £43,000 he owed Southeastern Railways, which was calculated on a single-fare basis (if he’d bought season’s passes it would have cost him some £20,000 less). But that snafu caught the attention of the FCA, which then began its own investigation.
Initially, Burrows was suspended at BlackRock; later he resigned. Now he’s banned from ever working in financial services again.
“While I respect the F.C.A.’s decision today … I also regret it, coming as it did after a 20-year career in the City that was without blemish,” the NYT reported Burrows as saying.
Several years ago, Burrows was reportedly in the process of building a £2.73 million ($US4,268,683) home in the south of England, according to the New York Times.