A former HSBC executive has been banned from using railway services after defrauding Southeastern Railway of nearly £6,000 through a 'doughnutting' ticket scam. Joseph Molloy, 53, from Orpington, south London, admitted to fraud by false representation at Inner London Crown Court.
Molloy purchased tickets for the start and end of his journeys but not the middle sections, allowing him to pass through ticket barriers while paying less. The scam, carried out over 740 times between October 2023 and September 2024, saved him £5,911 in fares. He used fake names and addresses to obtain two smartcards and applied a 50% Jobcentre Plus discount.
Prosecutor Jack Furness described the fraud as 'sophisticated in planning and execution'. Molloy initially refused to comment when interviewed but later confessed after police presented evidence. The court heard he had a 'distinguished career' as head of passive equity at HSBC Global Asset Management before retiring last year.
Defence lawyer Will Hanson argued Molloy was under stress due to health issues and his mother's death, stating, 'He cannot explain why he did this.' Recorder Alexander Stein noted Molloy was a 'man of some financial means' and had committed a 'persistent and serious offence', but accepted strong mitigation, including that Molloy stopped the activity voluntarily before arrest.
Molloy received a ten-month jail sentence suspended for 18 months, 80 hours of unpaid work, and must pay £5,000 compensation. He is also banned from travelling on Southeastern Railway for 12 months.
