Wealthy HSBC banker who used loophole to dodge £5,900 of train fares spared jail

Joseph Molloy, 53, used the ruse to slash thousands from his journeys between his £2 million home in Orpington, Kent, to the HSBC offices in Canary Wharf, east London.

The "sophisticated" scam saw Molloy buy tickets covering the start and end of his journey, but not the stations in between.

He used the 'doughnutting' method to save £5,911 over 11 months on Southeastern services, Inner London Crown Court heard.

The railway operator and prosecutors have not disclosed how he was caught.

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Molloy admitted fraud by false representation and appeared for sentence on Tuesday, according to The Times.

Prosecutor Jack Furness described the scheme as "sophisticated in planning and execution".

The court heard that between October 2023 and September 2024, Molloy loaded smartcards with fake names and addresses to load the tickets.

He also claimed Jobcentre Plus discounts, which gave him an extra 50 per cent off his fares despite being employed by the international bank.

Molloy was appointed Head of Passive Equity at HSBC Global Asset Management in 2015, but retired last year.

Recorder Alexander Stein said Molloy was "a man of some financial means" who could afford his fares.

He was told that the "persistent and serious" offending merited jail, but that his mitigation meant that the sentence could be suspended.

Molloy was handed 10 months' imprisonment, suspended for 18 months, as well as being ordered to complete 80 hours of unpaid work.

He was also banned from Southeastern for a year and told to pay £5,000 compensation.

After the hearing, he changed his clothes and vaulted a wall in an apparent attempt to avoid photographers.