HSBC banker banned from City over train fare fraud

Summarised from 2 outlets · Updated 2 Oct, 11:43 · Archive

The Financial Conduct Authority has barred HSBC banker Joseph Molloy from regulated finance roles after his fraud conviction.

The Financial Conduct Authority has barred Joseph Molloy, an HSBC banker, from working in any regulated financial services role. The ban followed his conviction for using a 'doughnutting' ticket scam to evade approximately £6,000 in train fares across hundreds of journeys.

The FCA determined that Molloy's fraud conviction demonstrates he 'lacks honesty and integrity', qualities required for roles in the regulated financial sector. The scam involved manipulating rail ticketing systems during his regular commutes from his home.

How it is being reported

• Ex-HSBC executive banned after dodging nearly £6,000 in train faresThe Independent · 2 Oct, 11:32
• Wealthy HSBC banker is banned from the City for dodging £5,900 in train fares after using 'doughnutting' ticket scam on commutes from £2m homeDaily Mail · 2 Oct, 09:58

In this story: Joseph Molloy · HSBC · Financial Conduct Authority

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