Case_Study_1 - In London a Fund Manager Pays a Steep Price...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
In London, a Fund Manager Pays a Steep Price for His Train Ticket Britain Bans Dodgy Commuter From Finance For Not Paying His Way By SIMON CLARK Updated Dec. 16, 2014 12:47 a.m. ET Mr. Bur rows commuted regularly from the English countryside to BlackRock’s London office. His journey started in Stonegate a rural station with no ticket barriers an hour and 22 minutes southeast of the U.K capital. Stonegate is served by a commuter line, for which passengers purchase rail tickets. A parallel fare system operates in metro London, allowing passengers to use a payment card called Oyster to travel on buses, the Tube and inner-city rail. Mr. Burrows, the Financial Conduct Authority said, boarded the train in Stonegate without a ticket, then used an Oyster card to exit the station in London, paying £7.20 the maximum fare assessed for an intra- London journey. The fare from Stonegate was £21.50.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
In a subsequent interview with the FCA, Mr. Burrows admitted to evading his rail fare on a number of occasions and knew he was breaking the law, the regulator said Monday. He also said that he didn’t tell BlackRock about his behavior. “Burrows held a senior position within the financial services industry. His c onduct fell short of the standards we expect,” Tracey McDermott, the FCA’s director of enforcement and financial crime, said in a statement. “Approved persons must act with honesty and integrity at all times and, where they do not, we will take action.”
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern