HSBC banker banned from the City for dodging £5,900 in train fares
Joseph Molloy used the "sophisticated" scam to evade £5,900 in fares from Southeastern
A former HSBC executive has been banned from working in financial services after evading thousands of pounds in train fares.
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Joseph Molloy, 53, has been prohibited by the Financial Conduct Authority (FCA) from performing any regulated activity.
He was convicted of the train fare fraud earlier this year.
The FCA said his conviction demonstrates that he ‘lacks honesty and integrity.’
Molloy admitted fraud by false representation in February after using a ticketing scam known as "doughnutting" to reduce the cost of his commute between Orpington and Canary Wharf.
It involves buying tickets for the start and finish of a journey but avoiding payment for a section in the middle.
Read more: Wealthy HSBC banker who used loophole to dodge £5,900 of train fares spared jail
He used the tactic at least 740 times between October 2023 and September 2024, saving nearly £6,000.
Molloy received a 10-month prison sentence suspended for 18 months. He was also ordered to complete 80 hours of unpaid work, pay £5,000 compensation and was banned from using Southeastern services for a year.
The FCA said Molloy had accepted that his conduct fell below the standards expected by the regulator and had not challenged the decision.