Paul Flowers, the former chairman of Co-Operative Bank Plc, was fined £525 pounds after pleading guilty to possession of cocaine, crystal meth and ketamine.
Flowers, a Methodist minister, admitted to the charges at a hearing in Leeds, England, today. He was arrested in November after he was filmed buying crack cocaine by a UK newspaper and charged by prosecutors last month.
Flowers apologised for his conduct in a statement after his arrest last year, saying there had been a death in the family and pressures related to the bank. Co-Operative Group, the lender’s parent, ceded control of the bank to bondholders in October to help plug a £1.5 billion capital shortfall.
Flowers was Co-Op Bank’s chairman from March 2010 until June of last year.