A CHEPSTOW businessman has been jailed for 32 months for fraudulently obtaining loans worth nearly half a million pounds.

Peter Fowler, aged 60, of St Lawrence Road in Chepstow, admitted 13 counts of fraud at a hearing in Newport Crown Court on November 20.

Cardiff Crown Court heard on Monday how Fowler, a man of “impeccable” previous character, had received finances from various companies totalling £454,054 over a three-and-a-half year period between February 2010 and July 2013.

Twelve counts related to fraudulent applications for finance, while the remaining count related to Fowler undervaluing his home equity.

The court heard how his plants and machinery business Garex had been struggling financially, and Fowler had been prohibited from seeking financial loans as a result.

Ian Kolvin, prosecuting, said Fowler was the owner and director of the plant and equipment company based in south Wales and the South West of England.

Mr Kolvin added: “The defendant experienced financial difficulties as a result of the economic climate. He was prohibited from obtaining finance.”

Fowler had altered document dates, serial numbers on equipment, and had amended his own bank statements to make it appear he had more money coming through his account, Mr Kolvin said.

He had also forged the signature of his wife of 33 years on documents in order to get loans - of which £376,013.78 remains outstanding. She was arrested, despite having no knowledge of her husband’s actions, Mr Kolvin said.

But when questioned, Fowler fully admitted the offences. He was eventually declared bankrupt in February of this year.

Fowler, a father of three children, had shown some “sophistication and planning” in his actions, Mr Kolvin said.

Matthew Roberts, defending, said: “The defendant has an impeccable record. This is a spectacular and embarrassing fall from grace.

“This is a man who had pride. He had built up a very successful business... [but] he could not accept that his business was failing.

“He lied to all around him and knows he has to face the consequences. His wife will lose her house. He now finds, at the age of 60, his life in tatters.”

Judge Daniel Williams said: “It is tragic to see you in the dock in this crown court.”

Judge Williams added that his family, most of whom were present in the public gallery at today’s sentencing, would also suffer from Fowler’s imprisonment.

He was sentenced to two years and eight months in jail, half of which will be serve in custody.