Gay former Co-op Bank chairman Paul Flowers pleads guilty to drug charges
Former Co-op Bank chairman Paul Flowers has pleaded guilty to drug possession, at Leeds Magistrates’ Court.
Mr Flowers was arrested in November last year following newspaper allegations he was involved in a drug deal.
The 63-year-old today was fined £400 and ordered to pay £125 in costs.
His appointment as Co-op Bank chairman in April 2010 was widely criticised because of his inexperience in banking.
In May last year, the Co-op Bank was found to have a £1.5bn black hole in its finances.
Mr Flowers stepped down the following month.
His appearance before the Treasury Select Committee in November was widely criticised.
Mr Flowers failed to identify the size of the Co-op’s balance sheet, he replied: “£3billion”, when the actual figure at the time was £47bn.
He also failed to answer questions about the amount of loans on its books.
Mr Flowers is also a former trustee of the drugs charity Lifeline, from which he resigned in 2004 after allegedly filing false expenses claims.
He was suspended by the Labour Party and the Methodist Church and faces a disciplinary procedure by the Church.