Two high flying bankers who failed to disclose suspicions that they were dealing with a brothel have walked free from court.

Neil Fox, 47, and Philip McCready, 47, both senior staff with Lloyds TSB, have lost both their jobs and good names, the court was told.

Judge Andrew Blake said they had committed "a sin of omission" by failing to notify the authorities that criminal money was possibly being laundered.

McCready, of Wheelton Lane, Leyland, pleaded guilty to one charge of failing to report his suspicions, and Fox of Woodlands Close, Newton-with-Scales, denied the charge, but was convicted following trial.

Preston Crown Court heard that they were in senior managerial positions at the bank used by a Preston massage parlour called the Brazilia Health Studio which was linked to prostitution.

The bank had a system for notifying suspicions, said the prosecution, but the two men had failed to do so.

James Hawks, for Fox, said he had made a negligent mistake, an error of judgement. Irrespective of whatever sentence was passed, he had already been punished and humiliated. "To an extent he has been punished enough", he said.

Richard Haworth, for McCready, described him as a trusted, reliable, respected and hard-working man.

Mr Haworth said a report of him having sexual association with witnesses in the case was utterly rejected and that his client was broken and ashamed by his appearance in court.

Fox was fined £1,500 and McCready was fined £1,250.

Judge Blake said: "This case has brought low two respected men. Both of you were high flyers within the bank. You have both lost your jobs."