"A former HSBC banker has been banned from working in financial services by the UK watchdog after being convicted of fraud over a “doughnutting” scam he devised to dodge almost £6,000 of train fares.
The Financial Conduct Authority said it banned Joseph Molloy from working in any regulated financial services activity because his conviction “shows he lacks honesty and integrity” and he was not fit and proper to carry out such roles..."
"... Molloy, who was head of passive equity at HSBC Asset Management until he retired last year, pleaded guilty to fraud by false representation this year after being caught using fake names and addresses to buy smart cards, which he used to dodge fares at least 740 times..."
"...The former banker also obtained a Jobcentre Plus discount, for which only unemployed people or those seeking work are eligible, to get 50 per cent off ticket prices."
Molloy has a £2million house in Orpington. His income has been estimated at around a million a year.
The Financial Conduct Authority said it banned Joseph Molloy from working in any regulated financial services activity because his conviction “shows he lacks honesty and integrity” and he was not fit and proper to carry out such roles..."
"... Molloy, who was head of passive equity at HSBC Asset Management until he retired last year, pleaded guilty to fraud by false representation this year after being caught using fake names and addresses to buy smart cards, which he used to dodge fares at least 740 times..."
"...The former banker also obtained a Jobcentre Plus discount, for which only unemployed people or those seeking work are eligible, to get 50 per cent off ticket prices."
Molloy has a £2million house in Orpington. His income has been estimated at around a million a year.
