– 20 billion USD bond fraud (Croatian Times):
A 20-billion US dollar haul of fake US government bonds has been seized by police in Italy in a raid on a counterfeiting gang.
The bogus bearer bonds were unearthed when police doing routine traffic checks stumbled across them in a car they had stopped in Fermo.
Six people have been arrested and are being quizzed by police over the 40 bonds, each for 500 million US dollars.
“They are very good, very detailed forgeries,” said a police spokesman.
Italian authorities have confiscated $20 billion in counterfeit U.S. government bonds.
Authorities say the bonds were of a quality that theoretically could have defrauded financial institutions.
But a stop at a highway rest area where a group of Carabinieri military police were taking a break proved to be the undoing of the group.
A Carabinieri statement said officers did a routine search of the vehicles after the “suspicious” behaviour of the men and found “to their surprise” a briefcase with 40 bonds 0each valued at $500 million.
Officials said Wednesday that U.S. officials confirmed the bonds were counterefeit. The six men are under investigation for receiving stolen goods.
The Associated Press January 26, 2011, 10:15AM ET