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VIDEO: Royally Embarrassed Sarah Ferguson "Devastated" By Tabloid Sting

May. 24 2010, Published 7:20 a.m. ET

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Although Scotland Yard said she has done nothing illegal, the Duchess of York Sarah Ferguson apologized Monday for accepting $40,000 from an undercover reporter in exchange for lucrative business access to her ex-husband, British business ambassador Prince Andrew.

"I very deeply regret the situation and the embarrassment caused," Ferguson, 50, told The Times of London. "It is true that my financial situation is under stress.

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"However, that is no excuse for a serious lapse in judgment, and I am very sorry that this has happened. I can confirm that the Duke of York was not aware or involved in any of the discussions that occurred."

In a video taken by a reporter from the UK tabloid News of the World, Ferguson reportedly accepts the money in exchange for access to the prince, promising she "can open any door you want."

Prince Andrew, who married Ferguson in 1986 only to divorce her ten years later, was reportedly unaware of Ferguson's business arrangement.

RadarOnline.com has the clip.

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