A banking troubleshooter has been prosecuted for fraudulently receiving benefits while being paid £500 a day in the City.

Adam Lancelot, 35, spent his earnings on a Mercedes convertible, a kitchen refurbishment, foreign holidays and restaurant meals.

But between spells working for major financial institutions such as Barclays Wealth he was also claiming council tax benefit.

However he also fraudulently received hundreds of pounds over a period when he had failed to tell the council that he was in employment.

Lancelot, of Edenbridge, Kent, admitted four charges in relation to the benefit fraud at Sevenoaks Magistrates’ Court earlier this week.