London banker banned from financial industry over fare jumping

Discussion in 'Politics, Religion, Social Issues' started by LizKat, Dec 15, 2014.

  1. LizKat macrumors 68040

    LizKat

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    #1
    Well there's turnstile jumping and then there's fare beating on a grander scale... link AP story ... with a far grander penalty as well!
     
  2. sviato macrumors 68020

    sviato

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  3. citizenzen macrumors 65816

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    #3
    He shouldn't have been banned from his job.

    He should have been banned from riding trains.
     
  4. Technarchy macrumors 603

    Technarchy

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    #4
    In New York he would have been handcuffed in a chain gang with other fare jumpers and taken to central booking on the Subway for everyone to see.

    Yes, I have seen transit cops do this.
     
  5. giantfan1224 macrumors 6502a

    giantfan1224

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    #5
    Not a bad way to deter fare jumping.
     
  6. Eraserhead macrumors G4

    Eraserhead

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    #6
    Good penalty IMO.
     
  7. LizKat thread starter macrumors 68040

    LizKat

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    #7
    A related piece in Bloomberg News suggests that the harsh penalty was about emphasizing the requirements for honesty and integrity no matter if outside the banker's work hours.

     
  8. zin macrumors 6502

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    #8
    It was only foolish because he got caught. It was criminal and rotten. If he is willing to defraud a railway operator by using a hidden loophole that no doubt took time to uncover then who's to say that he wouldn't defraud multiple clients in the finance industry?

    He should be in prison. He committed theft and fraud. Instead he appears to have dodged a criminal penalty with a civil settlement.

    And we wonder why the finance industry is full of crooks. It's because we choose to slap them on the wrist and let their rotten behaviour develop instead of stopping them in their tracks. And they know it.
     
  9. jnpy!$4g3cwk macrumors 65816

    jnpy!$4g3cwk

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    #9
    Actually, he likely would have been charged with a felony in the U.S. He knowingly defrauded the service provider of about $36,000 worth of service. That isn't petty theft.


     
  10. fat jez macrumors 68000

    fat jez

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    #10
    Any sort of fraud will bar you from working in finance. They also check for bad credit records, a criminal record and if you've been bankrupt. The checks are pretty thorough and if anything turns up, the chances are pretty good that you won't be allowed to work in finance in the UK.
     
  11. Eraserhead macrumors G4

    Eraserhead

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    #11
    He's been punished pretty badly now. Worse than giving him a criminal charge.
     
  12. Southern Dad macrumors 65816

    Southern Dad

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    #12
    If your job requires you to have a clean record you think twice before violating the law. I don't feel sorry for Mr. Burrows in the slightest. He was getting over on the system and got caught. He was violating the law. The Financial Conduct Authority (FCA) banned him because on of their requirements is that a financial manager be "fit and proper." This isn't the conduct of someone who is fit and proper.
     
  13. sim667, Dec 16, 2014
    Last edited: Dec 16, 2014

    sim667 macrumors 65816

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    #13
    He wasn't breaking the law in the strictest sense, he was trespassing, which isn't a criminal act in the UK and falls under a civil act, its not illegal to catch a train without a ticket here, but if you don't buy a ticket it means that you don't have permission to be on railway property.

    What's being misrepresented on this thread a bit is that he was riding the railway without a ticket...... Which as far as I remember from the original case, he wasn't he was tapping into the system with his oyster card, but not tapping out, which means it would deduct the standard amount for a fine for not tapping out each day...... The reason he did this is because the fine is cheaper than that cost of his ticket. So actually from his point of view its a logical thing to do.

    He hasn't been banned from the financial industry because he broke the law, its because the FCA now won't consider him to be of good character for defrauding the transport system....

    If he'd done it once or twice then he'd have got away with it...... its the fact he did it daily and regularly, but thats hardly a surprise when british train tickets are astronomically expensive, and the service is dire........ We can blame privatisation for that.
     
  14. Southern Dad macrumors 65816

    Southern Dad

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    #14
    He is not what the FCA considers to be "fit and proper" therefore they will not allow him to be a banking manager. If your job requires you to be fit and proper then you need not do stupid things like steal tens of thousands of pounds in railway fare because it could result in you losing your job. He isn't honest, they don't want dishonest people handling other people's money.
     
  15. Eraserhead macrumors G4

    Eraserhead

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    #15
    Presumably he was riding without a ticket to the edge of zone six?
     
  16. sim667 macrumors 65816

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    #16
    Fair do's, exactly what I said.

    But he wasn't breaking the law, he was being immoral....... Im glad to see decisions like this being implemented. Loopholes in the banking sector are exactly what go us into this in the first place.

    ----------

    I believe so yeah, even for me its only a 40 min train ride to central london, and because I'm outside of zone six that costs £24 at peak times........ so if the fair was still £20 (which I think it was then), it would work out cheaper for me to do it aswell......

    That said I'd buy a season ticket, rather than take the chance, £200 a month = £6.70 return a day, and then oyster to get round london.
     
  17. LizKat thread starter macrumors 68040

    LizKat

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    #17
    I was quite taken by how the Bloomberg piece summarized the offense as essentially arbitraging the fare options.

    Turned out for Burrows that that was too clever by way more than half.
     

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