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.