The fabulous £2million mock Tudor mansion owned by HSBC banker who dodged £5,900 in prepare fares
The wealthy banker behind a sophisticated train dodging scam lives in this £2million home on a luxurious private estate, the Daily Mail can reveal.
Former HSBC executive Joseph Molloy was spared jail but banned from travelling on his local rail network after dodging train fares totalling £5,900.
He used a ruse where he bought tickets covering the start and end of his route, but not the stations in between.
The tactic, known as ‘doughnutting’, exploits ticket barriers to create a ‘hole’ in payment for part of the journey.
Molloy carried out the scam at least 740 times, saving £5,911 over 11 months on Southeastern services between Orpington rail station in Kent and London Bridge where he would then catch the tube to Canary Wharf.
The married father of two, who retired last year at the age of 53, bought a sprawling four-bedroom mock Tudor home set across 2,500 square feet with his wife for almost £1.2million more than 10 years ago.
The property boasts a wood-panelled hallway, a reception room with a grand ornate fireplace that looks out onto a large back garden, and a tiled modern kitchen complete with spacious breakfast area.
Parked on the driveway was a Land Rover Discovery Sport with a personalised number plate.
Former HSBC executive Joseph Molloy was spared jail but banned from travelling on his local rail network after dodging train fares totalling £5,900. The married father bought a sprawling four-bedroom mock Tudor home (pictured) for almost £1.2million more than 10 years ago
The property boasts a wood-panelled hallway, a reception room with a grand ornate fireplace that looks out onto a large back garden, and a tiled modern kitchen complete with spacious breakfast area
Pictured: The inside of Molloy’s home. The wealthy banker carried out the ‘doughnutting’ scam at least 740 times which exploits ticket barriers to create a ‘hole’ in payment for part of the journey
Molloy (pictured) admitted fraud by false representation and appeared for sentence at Inner London Crown Court last week. Prosecutor Jack Furness described the scheme as ‘sophisticated in planning and execution’
An elderly neighbour said: ‘Joseph and his wife have been there for the last decade or so.
‘They’re very good neighbours. If I need my bin putting out or I need to carry something that’s a bit heavy for me I know I can call on them.
‘I’ve read about his courtroom woes and it’s all very unfortunate really.’
The Farnborough Park Estate – built in 1926 a mile and a half from Orpington centre – is guarded by 24-hour security and has a gated checkpoint by the front entrance.
Another neighbour added: ‘Joseph bought the house off a friend of mine who ran a scrap metal business. It’s only a bit of fare-dodging. Good for him I say.’
Molloy admitted fraud by false representation and appeared for sentence at Inner London Crown Court last week.
Prosecutor Jack Furness described the scheme as ‘sophisticated in planning and execution’.
Between October 2023 and September 2024 Molloy used false names and addresses to obtain two smartcards loaded with tickets and secured Jobcentre Plus discounts giving him 50 per cent off fares.
He initially declined to comment in a police interview but later made a full confession when confronted with the evidence.
Molloy was appointed head of passive equity at HSBC Global Asset Management in 2015 before his early retirement last year.
His barrister, Will Hanson, said he had been under stress due to health issues and his mother’s death.
He described the fraud as ‘discreet’, committed against a large private company rather than an individual, and said Molloy had a distinguished career and was a devoted father active in his church and community.
Recorder Alexander Stein said Molloy was ‘a man of some financial means’ who could afford his fares.
He branded the offending ‘persistent and serious’ and said its sophistication merited jail, but suspended the sentence due to strong mitigation.
Pictured: Molloy’s large back garden. The Farnborough Park Estate – built in 1926 a mile and a half from Orpington centre – is guarded by 24-hour security and has a gated checkpoint by the front entrance
Molloy was handed 10 months’ imprisonment, suspended for 18 months, ordered to complete 80 hours of unpaid work, banned from Southeastern Railway for a year and told to pay £5,000 compensation.
After the hearing he changed his clothes and vaulted a wall in an apparent attempt to avoid photographers.
Fare evasion costs the rail industry an estimated £240million a year, according to the Rail Delivery Group. Companies are now testing GPS technology to help clamp down on ‘doughnutting’.
