Comment
0
Tweet
0
Print
RSS Feeds

Former chairman of UK's Co-op Bank pleads guilty

Wednesday - 5/7/2014, 7:30am  ET

LONDON (AP) -- The former chairman of Britain's troubled Co-operative Bank has pleaded guilty to drug charges.

Paul Flowers admitted possession of cocaine, methamphetamine and ketamine in a court in Leeds in northern England.

He was fined 400 pounds ($680) plus court costs.

The 63-year-old Methodist minister resigned from the bank last year because of alleged drug use and inappropriate expense payments.

He was arrested in November after a newspaper published photographs of him buying drugs.

The Co-op is Britain's biggest mutual society, active in everything from food to funerals to financial services.

Last year, faced with a 1.5 billion-pound ($2.4 billion) black hole in its banking division, the Co-op agreed to a rescue plan giving hedge funds a huge share of its operations.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.