A City banker who was described as “the biggest fare dodger in history” after he avoided paying rail tickets worth almost £43,000 has been banned from working in financial services.
An investigation by a City watchdog found that Jonathan Burrows, a former managing director at the US-owned asset management company BlackRock, was not a “fit and proper” person to work in the investment industry because he lacks integrity and honesty.
Tracey McDermott, the director of enforcement and financial crime at the Financial Conduct Authority, said: “Burrows held a senior position within the financial services industry. His conduct fell short of the standards we expect. Approved persons must act with honesty and integrity at all times and, where they do not, we will take action.”
The married father-of-one was stopped by a ticket inspector at the exit gates of Cannon Street station in London last November.
He was found to have dodged the £21.50 daily fare from the unmanned station at Stonegate in East Sussex by tapping out with an Oyster card on his arrival in London, paying the maximum fare of £7.20 rather than buying the required ticket for £21.50.
It emerged that the scam had been going on since 2008, saving Mr Burrows, who owned two country homes worth £4m, a total of £42,550. Mr Burrows, who was estimated to earn up to £1m a year paid up promptly in an attempt to avoid publicity but the story emerged in April.
In a statement to the BBC following the FCA ban, Burrows said he "always recognised" that his behaviour was foolish and reiterated his apology. He insisted he had settled the dispute with Southeastern rail company was "in excess of the value of the fares" he dodged in the first place.
He quit his job in August after being suspended by BlackRock.