P.E.I. man sentenced to two years in prison for defrauding bank

Send to a friend

Send this article to a friend.

Scales of justice

A 54-year-old Charlottetown businessman who defrauded the Royal Bank of Canada of close to $3 million has been sentenced to two years in a federal correctional facility.

Chief Provincial Court Judge John Douglas imposed the two-year sentence Friday in the case of Kenneth W. Lawrence.

Lawrence pleaded guilty to the fraud charge earlier this year.

A charge of theft laid against Lawrence at the same time was stayed by the Crown.

Lawrence, who operated Discount Car and Truck Rental, First Fleet Auto Sales and Jetstar Car Care, defrauded the bank by providing false vehicle information in order to obtain funding for the purchase of 157 vehicles.

Those vehicles were never purchased.

An agreed statement of facts provided to the court stated that not only were they not purchased they never existed.

The vehicle identification numbers provided for those vehicles were fabricated.

The total amount Lawrence obtained from the bank by submitting fabricated documents was pegged at $2,855,397.37.

Under legislation brought in by the federal government to address white-collar crime there is a mandatory two-year federal sentence for fraud over $1 million.

That legislation became effective Nov. 1st, 2011.

Organizations: Royal Bank of Canada

Geographic location: Charlottetown

  • 1
  • 2
  • 3
  • 4
  • 5

Thanks for voting!

Top of page

Comments

Comments

Recent comments

  • Quiet Observer
    March 24, 2014 - 11:12

    People need to learn to read. the money did not go in his pockets. It went into the pockets of his staff and local suppliers to try to keep his business afloat. It kept people and their families fed. Not saying it was the right thing to do. But if people would read the articles and get the facts straight, they wouldn't look so stupid.

  • Mark
    March 22, 2014 - 22:27

    No restitution? Go figure. IF this crook has $3,000,000 tucked away he can get out in about 6 months on good behaviour, coast for a while and then have a grant old time with the cash. That's only about Half a million per month for time served. This will make a lot of people with lesser morals think about their futures. Cayman Islands has 500 banks and it wouldn't be difficult to hide it there. Lots of other places with lots of banks. I'd use a dozen banks to spread it around.

  • crazy system
    March 22, 2014 - 13:44

    I man molests a child over 3 years he gets one year(will only serve 8 months) ..wont put his name like I did last time or the Guradian wont print it...although if you look up the January 21st archives on this website you will see it....The poor Judge has poor judgement....steal money you get more time!!! Hurt child get a slap on the wrist and put them in an islolated area in the jail so no one will bother him.

  • Haha
    March 22, 2014 - 09:32

    This guy defrauds a bank , gets only 2 years in jail and no restitution . Where do I apply for a loan? 2 years for 3 million? Quite the court system we have!

    • Sasha
      March 23, 2014 - 08:29

      It's funny hope there are so many armchair critics who comment on everything even though they have no idea of individual cases. Don't be so quick to judge. I imagine there was enough investigation done to prove there is no "secret stash"waiting for him when he gets out. Don't you think it is possible he was trying to save a failing business and could have panicked and got to the point of no return. I have no idea why people are so willing to judge so quickly. Maybe a little soul searching and looking in the mirror will show that not one of us are without fault and skeletons in our own closets.. Be a little more humble and understanding to others please !!

    • Sasha
      March 23, 2014 - 08:30

      It's funny hope there are so many armchair critics who comment on everything even though they have no idea of individual cases. Don't be so quick to judge. I imagine there was enough investigation done to prove there is no "secret stash"waiting for him when he gets out. Don't you think it is possible he was trying to save a failing business and could have panicked and got to the point of no return. I have no idea why people are so willing to judge so quickly. Maybe a little soul searching and looking in the mirror will show that not one of us are without fault and skeletons in our own closets.. Be a little more humble and understanding to others please !!

  • Jerry
    March 22, 2014 - 08:23

    they can apply for day parole 6 months before their full parole eligibility date, or 6 months into their sentence, whichever is longer. (Example: For a sentence of 12 years, an offender is now eligible to apply for day parole after serving 3½ years of their sentence, instead of 2 years under the former APR.)

  • Pierre
    March 21, 2014 - 23:30

    Does crime PAY ???

  • Fed up
    March 21, 2014 - 16:12

    This guy hurts a bank...which nets in the billions...and the man (use the term lightly) that broke a little infants bones gets ONE YEAR?!?!? There is definitely something wrong with our legal system! Or the Judge?

  • me
    March 21, 2014 - 15:42

    wow , that doesn't seem like much time for so much stealing, must have friends somewhere :)

  • Crime Pays
    March 21, 2014 - 15:08

    Can we guess by the fact that Judge Douglas gave the minimum sentence allowable by law that he would have given even less of a sentence if he could. Two years(which we all know will be less, possibly as short as 8 months) for $3 MILLION.

  • Paul
    March 21, 2014 - 14:51

    Pretty good pay. 2 years at our expense and still has the money hidden away for when he gets out