STOCK MARKET WATCH -- Monday, 15 December 2014

[Demeter]

23. FCA bans former BlackRock employee for fare dodging

https://finance.yahoo.com/news/fca-bans-former-blackrock-employee-102324121.html

The Financial Conduct Authority has banned former BlackRock (BLK.N) senior official Jonathan Paul Burrows from any role in the financial services sector after he was caught evading 43,000 pounds in fares on his daily train commute into London. Burrows was a managing director at Blackrock Asset Management Investor Services and on 19 November 2013, he was stopped by ticket inspectors at the exit gates of London's Cannon Street railway station, the Financial Conduct Authority said in a statement on Monday. He was found to have failed to purchase a valid ticket for the entire journey from Stonegate railway station, East Sussex, the FCA said. Burrows was interviewed under caution and admitted to evading his rail fares on a number of occasions.

"Burrows held a senior position within the financial services industry. His conduct fell short of the standards we expect," FCA director of enforcement, Tracey McDermott said. "Approved persons must act with honesty and integrity at all times and, where they do not, we will take action."

Burrows said in a statement on Monday that he has always recognised that what he did was foolish. In March 2014 he paid a sum of money to Southeastern railways that was significantly more than the value of fares that he did not pay, and British Transport Police won't be pursuing a case against him, Burrows added.

"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," Burrows said.

"I recognise that the FCA has on its plate more profound wrong-doing 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," Burrows added.

The FCA said that Burrows had on a number of occasions paid only 7.2 pounds, a third of the fare due, and had not told his employer.

"Although the FCA is not penalising Burrows for not informing his employer, the FCA has taken this into account, amongst other things, in deciding what action to take," the FCA said.

SET-UP? OR JUST BAD LUCK? THE PENALTY IS PRETTY STEEP...SOUNDS LIKE A SET-UP TO ME...