Ex-HSBC Executive Banned from Finance Over Train Fare Fraud

Molloy, 53, utilized a practice known as "donutting" to avoid paying full fares between his home and the bank’s London offices. By purchasing tickets only for the start and end of his journey, he left a significant unpaid gap in the middle. Prosecutors revealed that the executive executed this maneuver 740 times over an 11-month period, while also improperly claiming travel discounts reserved for unemployed job seekers. To facilitate the scheme, he reportedly used false names and addresses to secure multiple travel cards.

Following a criminal conviction in February, the Inner London Crown Court handed down a 10-month suspended prison sentence and ordered Molloy to complete 80 hours of unpaid work. He was also mandated to pay £5,000 in compensation. The FCA concluded that these actions demonstrated a clear lack of honesty and integrity, rendering him unfit to hold a role in regulated financial services. Unlike some international counterparts that focus primarily on client or securities misconduct, the FCA maintains the authority to disqualify individuals based on personal dishonesty that occurs outside the workplace.