King to be Sentenced for $109 Million Fraud

Former Port Macquarie bus tycoons Tony and Peter King will face separate sentencing hearings for defrauding the National Australia Bank of money amounting to $109 millions.

The court had already convicted Tony King for defrauding the bank of $44 million.

He claimed the King Brothers bus company owned 144 used Mercedes Benz buses. However, the buses did not exist.

He is already serving time and will be sentenced on Thursday on a new charge of defrauding the bank of a further $65 million.

His twin, Peter King, is out on bail.

He will be sentenced in early November on the combined charges of defrauding NAB of $109 million.

Both have pleaded guilty to the most recent charges. They will be sentenced in the Downing Centre District Court in Sydney.