Prosecutors told Inner London Crown Court that Molloy carried out the fraud at least 740 times between October 2023 and September 2024, saving £5,911 over 11 months.
Jack Furness, prosecuting, described the scheme as “sophisticated in planning and execution”. The court heard that Molloy used false names and addresses to obtain smartcards and also secured 50 per cent discounts through Jobcentre Plus concessions.
Molloy, who was appointed head of passive equity at HSBC Global Asset Management in 2015 and retired last year, initially declined to comment when questioned but later made a full confession after being confronted with evidence.
Sentencing him, Recorder Alexander Stein said the fraud was “persistent and serious” and noted that Molloy was “a man of some financial means” who could afford to pay his fares.
Although the judge said the sophistication of the offence warranted custody, he suspended a ten-month prison sentence for 18 months, citing strong mitigation including personal stress, health difficulties and bereavement.
Molloy was also ordered to complete 80 hours of unpaid work, pay £5,000 in compensation and is banned from travelling on Southeastern Railway services for 12 months.
After the hearing, he reportedly changed clothes and vaulted a wall in an apparent attempt to avoid photographers.
Rail fare evasion costs an estimated £240 million annually, according to the Rail Delivery Group, with train companies now exploring new technology to clamp down on practices such as “doughnutting”.
