Millionaire and former HSBC executive sentenced for fare evasion in London
Joseph Molloy, a millionaire and former top executive at HSBC, stood trial in London for repeated fare evasion on trains. Over 11 months, he used a clever scheme 740 times, buying tickets only for the start and end stations, causing the railway company a loss of approximately 6,700 euros.
Molloy purchased tickets under fictitious names and addresses from October 2023 to September 2024 and admitted his guilt. His lawyer, Will Hanson, told The Times that Molloy could not explain his behaviour. Previously, Molloy led HSBC Global Asset Management and retired early in 2023. The court sentenced him to 10 months in prison, placed him on a passenger blacklist, and banned him from using Southeastern Railway services for one year.
This case demonstrates that even successful businessmen face criminal consequences for transport fraud. The sanctions and restrictions may serve as a warning to other passengers.
