The Aporia
The Aporia
Carr, S. (2026, October 3). Wealthy HSBC banker is banned from the City for dodging £5,900 in train fares. Evening Standard. https://www.standard.co.uk/news/london/molloy-hsbc-banker-doughnutting-fare-evasion-fraud-b1299410.html
Carr, Stewart. “Wealthy HSBC banker is banned from the City for dodging £5,900 in train fares.” Evening Standard, 3 Oct. 2026, https://www.standard.co.uk/news/london/molloy-hsbc-banker-doughnutting-fare-evasion-fraud-b1299410.html.
Carr, Stewart. “Wealthy HSBC banker is banned from the City for dodging £5,900 in train fares.” Evening Standard, October 3, 2026. https://www.standard.co.uk/news/london/molloy-hsbc-banker-doughnutting-fare-evasion-fraud-b1299410.html.
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Joseph Molloy, a 53-year-old former HSBC executive living in an £2 million home in Orpington, south London, was banned from working in financial services by the Financial Conduct Authority (FCA) after being convicted of fraud for evading train fares. Between October 2023 and September 2024, Molloy used a ticketing scam called "doughnutting" to avoid paying £5,911 in train fares on his commute from Orpington to HSBC's headquarters in Canary Wharf. This involved buying tickets that only covered the start and end of his journey while dodging payment for stations in between. Additionally, he obtained discounted rail fares intended for Jobcentre Plus claimants through false information. Molloy admitted fraud by false representation in February and was sentenced to 10 months' imprisonment suspended for 18 months, along with an order to complete 80 hours of unpaid work and pay £5,000 compensation. The FCA cited his conviction as evidence that he lacks honesty and integrity necessary for any regulated financial services role.
