LONDON:
British regulators have broken new ground, barring a senior financial
executive from the industry for life for skimping on his train fare over
five years. In documents issued on Thursday, the Financial Conduct
Authority said Jonathan Paul Burrows, who had been a managing director
at BlackRock Asset Management Investor Services in London,
could no longer perform any function in relation to any regulated
activities because he "lacks honesty and integrity."
"Burrows held a senior position within the financial services industry," said Tracey McDermott, the authority's director of enforcement and financial crime. "His conduct fell short of the standards we expect." On Nov 19, 2013, Burrows was stopped at the exit gates of Cannon Street Station in London for not buying a ticket while travelling on a commuter train to London from Stonegate in East Sussex.
Reports said he later paid £42,550, or about $66,800 at current exchange rates, in dodged train fares, including £450 in legal costs in an out-of-court settlement. Burrows admitted to evading his rail fares on a number of occasions, and said he knew that it was breaking the law.
"Burrows held a senior position within the financial services industry," said Tracey McDermott, the authority's director of enforcement and financial crime. "His conduct fell short of the standards we expect." On Nov 19, 2013, Burrows was stopped at the exit gates of Cannon Street Station in London for not buying a ticket while travelling on a commuter train to London from Stonegate in East Sussex.
Reports said he later paid £42,550, or about $66,800 at current exchange rates, in dodged train fares, including £450 in legal costs in an out-of-court settlement. Burrows admitted to evading his rail fares on a number of occasions, and said he knew that it was breaking the law.
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