Bankers, don't dodge train fares on your commute. It could get you barred from the industry.
Source: Business Insider ·
Joseph Molloy, a former HSBC executive, used a method called "donutting" to avoid almost $8,000 of train fares.
From the source
A former HSBC executive was barred from UK financial services after using a train-ticket fraud scheme to dodge nearly $7,900 in fares.Bloomberg/Getty ImagesA former HSBC executive has been barred from UK financial services over train fare fraud.The FCA said Joseph Molloy’s conviction showed a lack of honesty and integrity.Molloy dodged £5,911 in fares using a ticketing method known as "donutting."A former HSBC executive learned that a train ticket can become a career-ending expense in finance.Joseph Molloy was barred on Thursday by the UK’s Financial Conduct Authority from regulated financial services work after a criminal conviction for dodging fares.Molloy, 53, who until his retirement last year was the head of passive equity at HSBC Asset Management, used a method called "donutting" on journeys from his home on the outskirts of London to HSBC's office in the city.Instead of buying a ticket for his whole commute, he bought tickets for short journeys at either end, leaving an unpaid…