London Banker Loses Job And Is Banned From Working In Industry Because . . .

South_eastern_railway_crestThere is an interesting story out of London where banker Jonathan Burrows has been banned from working in the financial services industry. Another cases of fudged books or fraudulent earnings reports? No, Burrows was nabbed skipping the full fare on his commutes to work from Stonegate to London — paying roughly 7 pounds instead of 21 pounds for the daily trips.

Burrows was the BlackRock director before his identification as a train [fare] robbers. This is how he did it. Stonegate, you see, has no ticket gate barrier. So, Burrows would ride to London and pay as if he got on within the city rather than outside of the city. He did this for years until inspectors caught him.

He paid 43,000 pounds ($67,000) in an out-of-court-settlement with Southeastern railways. That is about 20,000 more pounds than would have been cost of season tickets. However, it comes at the added cost of being banned by the FCA and tossed from his job. He was forced to leave as a managing director of BlackRock Asset Management Investor Services after the scandal. The FCA then ruled that Burrow’s “conduct fell short of the standards” of a senior manager.

In this country, we do not even bring criminal charges for bankers who routinely engaged in fraudulent conduct worth billions and almost tanked the economy. In England, bankers are being banned for what is essentially turnstile jumping. Hmmmm.

Source: Globe and Mail

21 thoughts on “London Banker Loses Job And Is Banned From Working In Industry Because . . .”

  1. Sandi Hemming…sounds familiar here, too…except the “tolls, fees, etc” are seldom reduced or eliminated. Cash cows for governments are revered. My town just built a wholly unnecessary new passenger train station … with a $28 federal Million grant for the edifice….that will serve no more people than the older whistle-stop station a half mile away. My better half uses the line to travel to Chicago & back…but it takes about 8 hours, twice what it takes to make the drive. No fare reductions are anticipated, ever, since once built, the upkeep and operations cost are on our local taxpayers. But they did take a lovely photo of the mayor and his cronies at the dedication. Sigh.

  2. baba…well so much for the “public” transportation needs of the indigent and low income earners. Forward! 🙂

  3. Dustbunny, there is the option in the UK of purchasing an Annual ticket in this case would have cost about £4,500

  4. 21 Pounds seems pretty expensive.

    I returned to CA from CT in ’94. How much are the bridges these days? I will say this, when I was a kid they built a very high bridge over an LA Harbor waterway. Established a toll, claiming it would end when the costs were paid. And, they did it!

    Our freeways, only a few tolls still, are supposed to be maintained by tax revenue on gasoline. Well, money was needed other places so our highways became terrible. Then came Obama’s stimulus bill. CA knew it’s shovel-ready projects and we had signs everywhere saying “improvements were being made by Federal, blah,blah, blah” so we actually got some needed work done.

    Jumping the stiles in NYC was like watching the Olympics. Successful jumpers are applauded by everyone that paid. There was only one bridge that has no toll to leave Manhattan. You go through some rough Bronx areas, but the lines are very long! Stick it to ’em!

  5. DBQ said …

    Why didn’t he just drive? Rent an apartment and stay over weekly?

    Given he could afford the train trips, I’d guess he could afford to do that. I had people I worked with in Philadelphia, during the downtown brownstone restoration, who did just what you said…rented an apartment. At times it lead to “renting” a 2nd wife to boot 🙂

    On second thought in towns under restoration, like Detroit, the fancy lofts et al. are too pricey to be a good alternative, short of a middle 6 + figure income,….same for the “rented” wives 😉

  6. Alun,
    Thank you for the information, that’s about what I expected. It sounds similar to the system here for our subway system in Chicago.

    In the northern suburbs of Chicago there are a few very wealthy suburbs (Highland Park, Glencoe, to name a few). I’ve seen many an older gentleman who knows full well what the system requires try everything to get around having to pay. Sometimes it is the wealthiest who are the least honest when it comes to the little things. The poor on the other hand pay right away; they have more to lose in general by skimping on the small stuff.

  7. This is the country in which the MPs where caught cheating on their expenses and after having their hands spanked, got caught cheating again. We have nothing to learn from England.

  8. My figures were just rounded estimates.

    BUT….I’m still floored at the exorbitant cost of commuting. How can anyone afford to live in the country and work in the cities in England? I guess they all just stay put in their ancient crumbling little brick houses, work in little dead end jobs and intermarry with their neighbors and cousins.

    A 60 mile a day commute one direction is not at all an unusual distance where we live. It gives you time to think, listen to music, audio books, look at the scenery….. be alone. You can stop on the way and do other things as well. Instead of being trapped on a train with a bunch of strangers……(plotting the deaths of your wife and girlfriend….oops….I digress)

    This is the future that the global warming believers and eco nuts envision for us all. Crammed into metro areas, using public transportation, living in little efficiency apartments one on top of each other like bees in a beehive or ants in a colony. Elbow to elbow and cheek to jowl. Forced to hear to everyone’s loud talking, music, yelling, noise and constant city sounds. NO thanks.

  9. Thank you Alun for your explanation. It made things clearer to someone who doesn’t use rail or public transit and is an interesting view into the system in England.

    Someone who cheats on the little things, will have no compunction at some point to begin cheating on larger things.

    Is that 21.5 pounds ONE way for a mere 60 mile trip? That is about $33.80 one way (depending on the exchange rate). If one way he is out about $67 a day for his commute. . If he commutes every day and takes a couple of weeks off for vacation we are talking $16,750 a year to ride the dumb train. Times that by 5 years of working ….that’s over $83,000!

    Holy CRAP that’s expensive!!!!!!. Why didn’t he just drive? Rent an apartment and stay over weekly?

    I take it back about cheating on the little things.

    No wonder people in England are so provincial. They can’t afford to go anywhere.

  10. If a person will steal in small amounts, like lying about train fares, then they are in the high risk category of stealing in large amounts. Trust me, it is my job to catch dishonest people.

  11. To be clear, he was using a London Oyster card, not jumping turnstiles etc.
    He was misusing a side effect of the card that meant he was “fined” 7 pounds each time he went through the barrier at a London station, yet there was no record of him “entering” the system, hence the “fine”.
    This showed up constantly to the Railway and he was extensively followed over a long period to establish his fraud.
    The railway settled out of Court for a large sum and publicly announced what he was doing to discourage others.
    Almost all stations have “touch in and touch out” card points to enter and leave the barriers.
    However, this guy’s station is a long way out of London and is very little used, so the cost of barriers would be exorbitant.
    It’s also a very expensive village to live in, so it’s assumed that most would be honest .. especially as it’s mostly used by commuters to London
    The good bit is that although the Railway wouldn’t name him, they gave enough clues for British journalists to track (unintentional pun) him down and expose him .. and out pressure on his industry body to reject him. And that took a year!

  12. This guy, Jonathan Burrows doesn’t know how to shift blame. Like Jon Corzine, who destroyed MF Global.
    It’s about who you know, not what you know. Then it’s as easy as taking candy from a baby.

  13. That would never happen in this country. We have zero tolerance.

    I ride a train every day. Even though I’ve been doing this for 10 years, and had a monthly pass for almost that long, I’d better have the next month on the first day or I’m buying a single ride. The conductors have no ability to grant me a pass. They know me by first name. Some of them know my family. But zero tolerance means no exceptions. The British rail system must have some serious issues if this guy could get away with it that long.

  14. “The FCA then ruled that Burrow’s “conduct fell short of the standards” of a senior manager.”

    Well, or course. Everybody knows senior managers take limo’s to work not public transportation.

    Would you have confidence in a company led by a senior manager who rode home on the bus?

  15. There’s a lot the US can learn from other countries. Unfortunately, we’re number one.

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