Rather large out of court settlement

[Tetchytyke]

Equally, if the prosecution was confident that their case would succeed they could have pushed on instead of entertaining any talk of a settlement.

They could. It depends if a conviction would have given the German treasury US$100m, doesn't it.

Paying off prosecutions is common in the corporate world, especially in the US.

 

[Tibbs]

There's a vast difference between what is legal, what is moral, and what is right.

 

[jon0844]

Northern has now seen the German case and will be increasing its out-of-court settlement fee to $100m. I expect other TOCs to follow...

 

[MarlowDonkey]

It is now reported that the fare dodger in question has been banned from working in Financial Services.

http://www.theguardian.com/business...-services-industry-blackrock-jonathan-burrows

FCA bans £43,000 fare dodger from working in financial services

Financial Conduct Authority says conduct of former Blackrock MD Jonathan Paul Burrows fell short of the standards expected in the City

A former City executive has been banned for life from any senior role in the financial services industry, after being exposed as one of the UK’s biggest train fare dodgers.

Jonathan Paul Burrows, a former managing director at Blackrock Asset Management, has been barred by the Financial Conduct Authority from taking any responsible role in the financial services industry.

Announcing the ban, the FCA’s director of enforcement and financial crime, Tracey McDermott, said: “Burrows held a senior position within the financial services industry. His conduct fell short of the standards we expect..."

Was he named previously?

 

[Tetchytyke]

He was named a while ago, the Daily Mail tried doorstepping him a few times.

It always going to end like this. The FCA get a slam-dunk opportunity to look like they're tough on banking and tough on the causes of banking, whilst the real crooks and shysters in the financial sector (most of whom donate to one of the political parties) get to defraud their customers with impunity.

 

[neilmc]

Agree entirely with Arctic Troll. The real fraudsters in banking wouldn't resort to clever train ticketing tricks as what they'd save would be peanuts compared to the amounts they scam from the public, banking customers and ordinary people working in the banking industry who are continually squeezed, whilst much of the general public think that everyone who works for a bank in any capacity must be rich.

 

[maniacmartin]

Here is the FCA news item

 

[matt_world2004]

Here is the FCA news item

I have no sympathy by fare dodging in such a way he was risking the employment of others.

 

[Mojo]

I have to respectfully disagree with those above that it was anything to do with his wealth. It is the employed, whether you are on an average wage or on a bit more, that have the most to worry about. The scum that plague much of our railway; terrorising staff and passengers, have little to fear, because even if they do end up going to court the outcome probably won't affect them anyway.

 

[dave55uk]

A London banker who regularly avoided buying a train ticket on his commute to the City has been banned from working in the financial services industry.

More here: http://www.bbc.co.uk/news/business-30475232

 

[drbdrb]

Banned from the financial services industry *in the UK *, an important difference.

 

[asylumxl]

No surprises at all. And yet the young and less well-off are still stereotyped as fare dodgers.

 

[muddythefish]

Banker banned from working in the City for fare dodging yet bankers who brought the the country to its knees and had to be bailed out by taxpayers in 2008 are allowed to carry on working.

Something wrong here surely ?

 

[SPADTrap]

The article itself, from the BBC link http://www.bbc.co.uk/news/business-30475232

BBC: A London banker 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.

Stonegate in East Sussex.
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."

 

[SS4]

I can't help but think a poorer person would have seen prison time.

 

[jaigee]

How long before he's quietly reinstated by the FCA?

 

[sadgit]

Banker banned from working in the City for fare dodging yet bankers who brought the the country to its knees and had to be bailed out by taxpayers in 2008 are allowed to carry on working.

Something wrong here surely ?

If you want to pinpoint specific individuals who have not already left the industry and who are actively responsible for "bringing the country to its knees" through their own deliberate actions which were actually fraudulent or in some other way contrary to regulations that were in place at the time, then be sure to supply a list to the FCA so that they can prosecute them, as I am sure they will be more than happy to make an example of these people.

Sorry, offtopic, but this sort of reasoning irks me... if these nebulous "bankers" could have been prosecuted then they would have been.

 

[Xenophon PCDGS]

How long before he's quietly reinstated by the FCA?

Are you serious making that comment?

 

[6Gman]

If you want to pinpoint specific individuals who have not already left the industry and who are actively responsible for "bringing the country to its knees" through their own deliberate actions which were actually fraudulent or in some other way contrary to regulations that were in place at the time, then be sure to supply a list to the FCA so that they can prosecute them, as I am sure they will be more than happy to make an example of these people.

Sorry, offtopic, but this sort of reasoning irks me... if these nebulous "bankers" could have been prosecuted then they would have been.

Quite right. "Bankers" covers an awful lot of different roles and responsibilities.

 

[JamesCardiff]

The article doesn't seem state how he was caught. Was he not the person who was able to remain anonymous a few months ago?

 

[muddythefish]

If you want to pinpoint specific individuals who have not already left the industry and who are actively responsible for "bringing the country to its knees" through their own deliberate actions which were actually fraudulent or in some other way contrary to regulations that were in place at the time, then be sure to supply a list to the FCA so that they can prosecute them, as I am sure they will be more than happy to make an example of these people.

Sorry, offtopic, but this sort of reasoning irks me... if these nebulous "bankers" could have been prosecuted then they would have been.

Well, I will start with one Frederick Anderson Goodwin, currently sitting at home on six-figure pension having overseen and been responsible for the near collapse of one of the world's biggest banks.

Apologists for bankers irk me.

 

[Eng274]

I think the FCA have been seen to be harsh to this person for the same reason as a Doctor would be struck off for medical malpractice. Or a chartered engineer could be stripped of their title if negligence is evident - see Deutsche Bahn and the aftermath of the Eschede rail accident for a classic case of a professional engineer's competence called into question.

The banker's position and standing as an 'approved person' (equivalent of professional registration anywhere else) within his industry is damaged by a prolonged breach in financial ethics such as this. This incident, and the media coverage, tarnishes the reputation of the FCA, which is duty bound to uphold the standards of its organisation, its members, and the industry it regulates. They were therefore justified in their decision, IMO.

The consequences would have been much more trivial had it been a normal person, the bigger they are the further they fall and all that. Was the settlement paid voluntarily, or was it a court ruling?

A prosecution would have most probably been on the cards for anyone else, the perpetrator offering a high settlement was clearly more attractive to SE than paying for a day in court against some expensive lawyers.

 

[brad465]

The article doesn't seem state how he was caught. Was he not the person who was able to remain anonymous a few months ago?

Yes he was I believe, given the Oyster Card Cannon Street state and Stonegate both being in the story this time and last time.

He's not anonymous anymore, and got more consequences, but ae they enough? (you wonder)

 

[JamesCardiff]

Is the implication that he was banned at the time that the original stories appeared or more recently?

 

[Abpj17]

Is the implication that he was banned at the time that the original stories appeared or more recently?

He's only just been banned http://www.fca.org.uk/news/former-blackrock-asset-management-managing-director-banned is today's announcement with http://www.fca.org.uk/your-fca/documents/final-notices/2014/jonathan-paul-burrows being the legal notice.

http://www.standard.co.uk/lifestyle...of-his-fellow-commuters-shop-him-9653637.html

e.g.

And now it transpires that it was a fellow passenger who may have shopped Burrows (apparently disgruntled by the original outcome), prompting a new investigation by the transport police.

http://www.dailymail.co.uk/news/art...ows-dodged-43-000-rail-fares-paid-3-days.html

e.g.

But the Mail can reveal that his career is in tatters after British Transport Police read the story in the Press and began investigating.

The news also came to the attention of City watchdog the Financial Conduct Authority, with which Burrows was registered.

It started its own probe over concerns that his actions showed a lack of probity that could make him unsuitable for City work.
..

But only last week he suddenly told his bosses, “The FCA might give you a call”.

‘He only let slip in passing that it was about this £40,000 fare-dodging payment. They suspended him immediately, but he refused to explain anything at all about the fare-dodging – and when more questions were asked he resigned without a payoff.

both go into more detail than other stories

 

[drbdrb]

How long before he's quietly reinstated by the FCA?

Why will they need to. He will just go and work in another country outside the FCA remit.

 

[DelayRepay]

How long before he's quietly reinstated by the FCA?

Well he's resigned from his job, so no need to be reinstated.

If he applies for another job in the industry, he'll have to declare this. If he applies for a new job which is a Controlled Function, his new employer would have to apply to the FCA. I cannot see any employer wanting to make that application even if they do want to employ a dishonest person in their bank.

So I very much doubt he'll work in the industry again.

 

[Tetchytyke]

Well, I will start with one Frederick Anderson Goodwin

And I raise you one Adam J Applegarth. Too busy having an affair with a junior member of staff (who fell pregnant with his child) to stop Northern Rock collapsing, he got a £750,000 payoff and a new job in private equity (where he was advising companies wanting to buy, er, Northern Rock).

I ain't shedding many tears for Burrows, but I do question why the FCA have spent so long throwing him to the lions when the real crooks in the industry walk away with an enormous wedge of cash stuffed in their trouser pocket.
--- old post above --- --- new post below ---

Sorry, offtopic, but this sort of reasoning irks me... if these nebulous "bankers" could have been prosecuted then they would have been.

I admire your faith in the competence and transparency of the FCA and their predecessors, but I've been reading Private Eye for far too long to share it.

 

[Xenophon PCDGS]

I admire your faith in the competence and transparency of the FCA and their predecessors, but I've been reading Private Eye for far too long to share it.

For some reason, I always believe that Private Eye has unknown faces pulling strings to suit their own particular ends behind the scenes...

 

[Tetchytyke]

I always believe that Private Eye has unknown faces pulling strings to suit their own particular ends behind the scenes...

Indeed. There's no such thing as impartial reporting.

Although Private Eye seem to get closer than most- they fling mud at everyone, on all sides- I'm sure there is an agenda behind their choice of stories. They really seem to be out to get the senior execs at the Telegraph, for instance.