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

By Associated Press

LAST UPDATED: 12:32 a.m. HST, May 07, 2014

LONDON >> 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.

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