[Closed] Thieving Banker Busted

"Fare dodging" rather than thieving. It would be nice to hear a banker had repaid the billions in tax that his/her clients had avoided by transferring money to spurious trusts in the Caiman islands etc. rather than the cost of a few train tickets.

the cost of a few train tickets.

The report I just heard said he'd already paid back [i]£42,000[/i] worth of dodged fares. Thats quite a few tickets ,the dirty ****er.

But I agree with you...

I don't know how the regulator can deliver a verdict about probity and honesty in the banking profession with a straight face. I'm sure the majority of those who oversaw the mis-selling scandals of the last 20 years are still firmly on the approved list.

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

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He wasn't a banker, just saying.

He dodged his train fare, then paid it all back in 1 go without the cost of chasing it through court. Yet he gets disqualified from his profession for life? That does seem a tad harsh to me.

He gets disqualified from FCA regulated business for life. There's a hell of a lot of financial activities that aren't FCA regulated.

Yet he gets disqualified from his profession for life? That does seem a tad harsh to me.

He was happy to commit fraud every day, which would suggest he's not the right sort of person to be in charge of other people's money....

@lunge it's fraud, a financial crime and he carried it out over 3 years. You cannot expect to work in financial services if you commit financial crime. I've been I finance for 30 years and know the rules as did he.

@stoner yes there are but none that will pay close to what he was making

Looking at it a little more closely, it seems as if he deserved to be 'struck off' mainly for not being very good at making money.

The 42,000 figure is misleading - presumably the rail company made him pay back the full fare for each unpaid journey rather than the season ticket price, which is about 4,500 a year for each of the five years involved.

If you count the fact that he tapped out his Oyster at £7.20 six hundred times a year or so, the amount he saved overall each year is a couple of hundred quid?

So, for a grand or so, his career is forfeit, and he is 40,000 down on the deal.

Perhaps it was more about the pleasure of 'beating the system' rather than the actual financial advantage. But I suppose this kind of gaming is how fund managers live and breathe.