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Ex-BlackRock Exec Regrets £43,000 Commuting Scam, Will Never Work In This Town Again

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Remember Jonathan Burrows? Former senior executive at BlackRock in London? Saved himself a nice chunk of change by only paying £7.20 of the £21.50 his daily commute from East Sussex to the City cost, for a period of at least five years? Upon being made aware last summer the U.K. Financial Conduct Authority was investigating what he was up to, extremely casually mentioned to his bosses "The FCA might give you a call," without getting into details? Chose to quit rather than explain the ins and outs of his scam? Anyway, he's sorry about...y'know.

The U.K. Financial Conduct Authority banned Jonathan Burrows from all regulated financial-services work, saying he “lacks honesty and integrity” after cheating to pay less for his commute. Burrows paid London & South Eastern Railway Ltd. 43,000 pounds ($67,300) to cover at least five years of underpaid fares, according to the train company. Burrows’s attempts to exploit a vulnerability in the way rail travel is priced is a microcosm of the behavior of how some traders to profit from the way currency and interest rate benchmarks such as Libor are calculated -- regardless of rules requiring honest personal conduct. Banning someone from the industry over something unrelated to work-place conduct shows how seriously the FCA takes telling the truth as it tries to rebuild trust in London’s financial markets, lawyers said...

On Nov. 19, 2013, Burrows was stopped by a transport officer at the exit gates of London’s Cannon Street station for not having a ticket valid for his entire journey. The former money manager used his London travel card to exit the station, paying 7.20 pounds rather than the 21.50 pounds he should have paid for traveling in from beyond the capital’s borders. Burrows told the FCA that he’d done it a number of times and knew he’d been breaking the law. Burrows was “foolish” and he regretted his actions, saying in an e-mailed statement that his 20-year financial career had been “without blemish.” His conduct was contrary to BlackRock’s values and principles, the world’s biggest money manager said in an e-mailed statement.

Dishonesty at Heart of Ban for Ex-BlackRock Director Train Cheat [Bloomberg]

Earlier: Ex-BlackRock Exec Doesn’t Have To Explain His £43,000 Commuting Scam To You

*This, London, you get the idea.