Anthony King was given a five year prison sentence last year for a $44 million fraud, it turns out $44
Anthony King was given a five year prison sentence last year for a $44 million fraud, it turns out $44 million was only part of the fraud with a further $65 million found in new evidence to be defrauded from the National Australia Bank (NAB) in a lease-back scheme.
He has received an additional nine months for his part in the further $65 million fraud.
He will be eligible for parole in 2010.
The court found that King had persuaded the NAB to lend his company $65 million to buy a new bus fleet from Daimler Chrysler in mid-2000 and then instructed an employee to create false documents to prove that the purchase had been made.
The new evidence shows he later climbed under the buses in front of the bank’s employees and pretended to read out the chassis numbers, but he actually parroted back the numbers that he had already provided the bank in earlier false documents.
The deception was revealed in 2003 when the company collapsed.
His brother Peter will also be re-trialled on the new charges in November.