Business

Fare-dodging hedge fund manager banned from City

BlackRock director Jonathan Paul Burrows Image copyright Solo Syndication
Image caption Mr Burrows has since paid back the £42,550, plus £450 in legal costs.

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.

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.

Image caption 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."

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