‘You decided to evade them’: Former HSBC banker ‘clearly in a financial position to pay’ banned from finance for dodging $7,800 in fares
Source: Fortune ·
Joseph Molloy was banned not only from working in regulated financial services but also from the railway operator.
From the source
Britain’s financial regulator has banned a former HSBC banker from the industry over a train-fare fraud that cost a railway operator £5,911, or about $7,800. The Financial Conduct Authority (FCA) barred Joseph Molloy from performing “any function in relation to any regulated activity carried on by an authorized person, exempt person or exempt professional firm,” according to a final notice dated Oct. 1. Between October 2023 and September 2024, the notice says Molloy set up two accounts with SE Trains Limited, the operator known as Southeastern, using false names, addresses, and email accounts. He used them to acquire travel cards. He engaged in a practice called “donutting” in which he would pay for two short trips at the ends (his home and his work) and then a hole in the middle. On each trip, he paid for a short journey at the start and another at the end, and evaded the fare for the section in between. He did this on at least 740 journeys. In January of this year, Molloy pleaded…