The fabulous £2million mock Tudor mansion owned by HSBC banker who dodged £5,900 in train fares
The wealthy banker behind a complex train hijacking scam lives in this £2million house on a luxury private estate, the Daily Mail has revealed.
Former HSBC executive Joseph Molloy was spared prison but banned from traveling on the local rail network for dodging train fares totaling £5,900.
He resorted to a ruse by purchasing tickets that covered the start and finish of his route but not the stations in between.
The tactic, known as ‘bunching’, uses ticket barriers to create a ‘gap’ in payment for part of the journey.
Molloy carried out the fraud at least 740 times, saving £5,911 over 11 months on South Eastern services between Orpington railway station in Kent and London Bridge, and then catching the tube to Canary Wharf.
The married father of two, who retired last year at age 53, bought a spacious, four-bedroom, 2,500-square-foot, mock-Tudor home with his wife. It was almost £1.2 million more than 10 years ago.
The property features a wood-panelled corridor, a reception room with a large ornate fireplace overlooking a large backyard and a modern tiled kitchen complete with a large breakfast area.
A Land Rover Discovery Sport with personalized license plates was parked in the driveway.
Former HSBC executive Joseph Molloy was spared prison but banned from traveling on the local rail network for dodging train fares totaling £5,900. Married dad bought a spacious four-bedroom mock Tudor house (pictured) for almost £1.2 million more more than 10 years ago
The property features a wood-panelled corridor, a reception room with a large ornate fireplace overlooking a large backyard and a modern tiled kitchen complete with a large breakfast area.
Picture: Interior of Molloy’s house. Wealthy banker carried out ‘donut’ scam at least 740 times using ticket obstructions to create a ‘loophole’ in payment for part of the journey
Molloy (pictured) admitted fraud by false representation and appeared for sentencing at Inner London Crown Court last week. Prosecutor Jack Furness described the scheme as ‘complex in planning and execution’
An elderly neighbor said: ‘Joseph and his wife were there for about ten years.
‘They are very good neighbours. If I need my bin deflated or need to move something a little heavy for me, I know I can call them.
‘I read about your troubles in the courtroom and it’s all very unfortunate indeed.’
Built in 1926, a mile and a half from the center of Orpington, Farnborough Park Estate is guarded by 24-hour security and has a gated checkpoint near the front entrance.
Another neighbor added: ‘Joseph bought the house from a friend of mine who was in the scrap metal business. This is just a little evasive behavior. I say good for him.’
Molloy admitted fraud by false representation and appeared for sentencing at Inner London Crown Court last week.
Prosecutor Jack Furness described the scheme as ‘complex in its planning and execution’.
Between October 2023 and September 2024, Molloy used false names and addresses to obtain two smartcards loaded with tickets and secure Jobcentre Plus discounts which gave him a 50 per cent discount on fares.
He initially refused to comment during 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 lawyer, Will Hanson, said he was under stress due to health problems and the death of his mother.
He described it as ‘secret’ that the fraud was 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 financial means’ who could meet his expenses.
He branded the offender ‘persistent and serious’ and said his complexity merited a custodial sentence, but suspended sentence in strong mitigation.
Pictured: Molloy’s large backyard. Built a mile and a half from the center of Orpington in 1926, Farnborough Park Estate is guarded by 24-hour security and has a gated checkpoint near the front entrance.
Molloy was given a 10-month prison sentence, suspended for 18 months, ordered to complete 80 hours of unpaid work, banned from South Eastern Railway for a year and told to pay £5,000 compensation.
After the hearing, he changed clothes and jumped over the wall to escape photographers.
Fare evasion costs the rail industry an estimated £240 million a year, according to the Rail Delivery Group. Companies are now testing GPS technology to help reduce ‘noise’.
