Fare-Skipping Banker Banned From Industry Guy said to be making $1.5M didn't want to pay full $31 train fare By Rob Quinn, Newser Staff Posted Dec 16, 2014 1:42 AM CST 37 comments Comments Passengers board a train in south London. (AP Photo/Sang Tan) (Newser) – A multimillionaire British banker's system for dodging around $20 a day in train fares has cost him $65,500 and his career. Investigators say Jonathan Burrows, 44, would save cash by boarding a train at an unmanned rural station outside London without a ticket every morning, then use a prepaid Oyster smart card to get through barriers at his London destination, paying around $11 instead of the $31 the journey should have cost. After a ticket inspector discovered the ruse, Burrows settled out of court with the train company and paid the amount it said he had dodged over six years, but Britain's Financial Conduct Authority has now banned the former Blackrock managing director from working in the financial services industry, the BBC reports. An FCA spokeswoman says Burrows' "conduct fell short of the standards we expect," the Guardian reports. "Approved persons must act with honesty and integrity at all times and, where they do not, we will take action," she says. After the ruling, Burrows issued a statement apologizing for his "foolish behavior," though he noted that his 20-year career "was without blemish," and "the FCA has on its plate more profound wrongdoing than mine in the financial services sector." Before he was fired when the fare-skipping was exposed, Burrows was reportedly earning around $1,500,000 a year—and a season ticket to cover his full commute would have set him back about $7,000 annually.