Prison sentence and community service: Rich banker drives black 740 times

London – The banker drove from his €2.3 million home in south London to his job as a department head at HSBC Bank. His leadership position in passive equity will have been well paid. Nevertheless, Joseph M. (53) was not prepared to pay the full price for his train ticket to the office. He cheated, drove illegally for months and defrauded the railway company of around 6,700 euros. He now had to answer for this in court.

Several British media reported on the trial against M. at the Inner London Crown Court. M. used his supposed savings on trips to the Londoner Docklands therefore uses the so-called donut trick. According to the court, he only bought tickets for the stations at the beginning and end of his route around 740 times in eleven months. He left out the stations in between. This resulted in a tariff “hole” in the middle – like a donut. The trick is possible because the British rail tariff system is so complex.

Banker admits to fare evasion

Like the wealthy one Banker was finally exposed is not known. One thing is clear: Joseph M. confessed the fraud to the police. Prosecutor Jack Furness described M.’s actions as “sophisticated in planning and execution”. M. therefore used false names and addresses to buy cards onto which he uploaded his train tickets between October 2023 and September 2024.

“He can’t explain why he did it,” Will Hanson, M.’s lawyer, was quoted as saying in the British newspaper The Times. M. has “an outstanding career behind him that is now in danger.” The banker held a senior position at HSBC Global Asset Management for ten years. He took early retirement last year.

After the verdict, he changed clothes

Judge Alexander Stein said when announcing the judgment According to the “Times” to Joseph M.: “You stopped this activity of your own accord before you were arrested (…). No one can explain exactly why you took part in this crime have participated. You have a wife and a loving family.” M. received a ten-month suspended prison sentence, has to do 80 hours of community service and is not allowed to travel on the Southeastern Railway for a year. After that process According to the Times, the banker is said to have changed his clothes in order to escape waiting photographers by jumping over a wall.