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Dishonesty at Heart of Ban for Ex-BlackRock Director Train Cheat

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Banished from the U.K. financial industry for arbitraging his daily rail fare, a former managing director at BlackRock Asset Management Investor Services Ltd. has become an emblem of regulators' efforts to crack down on ethical lapses.

The U.K. Financial Conduct Authority banned Jonathan Burrows from all regulated financial-services work, saying he “lacks honesty and integrity” after cheating to pay less for his commute. Burrows paid London & South Eastern Railway Ltd. 43,000 pounds ($67,300) to cover at least five years of underpaid fares, according to the train company.