Joseph Molloy, a former HSBC executive, exploited the scam over 740 times in 11 months, saving a total of £5,911 on Southeastern train fares, Inner London Crown Court heard
A “distinguished” London banker has been banned from using railway services after being caught fare dodging using a scam known as “doughnutting”.
Joseph Molloy, a former HSBC executive, purchased tickets between stations at the beginning and end of his journey, but did not pay for those in between.
This technique, which saved him thousands on train fares, allowed him to use ticket barriers whilst paying less than other customers, The Times reported.
Molloy exploited the scam over 740 times in 11 months, saving a total of £5,911 on Southeastern train fares, Inner London Crown Court heard.
The banking executive travelled from his £2 million home in Orpington, south London, to London Bridge station, and then on to his office in Canary Wharf.
The 53-year-old pleaded guilty to fraud by false representation and appeared at court on Tuesday for sentencing
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