City exec who dodged £43k in train fares quits Blackrock and avoids FCA probe after being named
A passenger caught dodging £43,000 of train fares earlier this year has been revealed as a former managing director at asset management firm Blackrock.
Jonathan Burrows has been named by the Daily Mail as the man believed to have avoided paying thousands of pounds for travel between his home in Stonegate in Sussex to his job in the City.
The fare dodging, said to be the largest ever, was revealed in April after an unnamed commuter was caught by staff at the ticket barriers of Cannon Street station and found to be only tapping out with an Oyster card, paying just £7.20.
After an investigation by Southeastern trains, the passenger settled out of court in order to “protect his identity," paying £43,000 to the rail company.
However, British Transport Police launched a criminal investigation into the matter after the settlement was reported and the City regulator, the Financial Conduct Authority (FCA), also became involved.
Burrows was forced to tell his employers at Blackrock that he was being investigated by the FCA. He was suspended from the firm and later quit.
A spokesperson for Blackrock said: "Jonathan Burrows has left BlackRock. What he is alleged to have done is totally contrary to our values and principles.”
The FCA has now dropped its investigation, but Burrows’ conduct could be reexamined if he applies for authorisation with the regulator again.
At the time he was caught in November last year, Burrows admitted failing to tap in five times for the second half of his journey between London Bridge and Cannon Street.
However, the investigation by Southeastern found that Burrows had stopped buying an annual season ticket for his journey in 2008, costing £4500 a year. It’s thought that he paid just the £7.20 for the second half of the journey, the charge for not tapping in at a station, over a period of five years.
The investigation by British Transport Police is ongoing.
According to the Mail, when asked about the case by the newspaper, Burrows said: "Dunno what you’re talking about."