Italian Fraud Investigation Finds $6 Million in Counterfeit US Bonds
Italian police said they had seized about $6 trillion of fake U.S. Treasury bonds in Switzerland, and issued arrest warrants for eight people accused of international fraud and other financial crimes.
The operation, coordinated by prosecutors from the southern Italian city of Potenza, was carried out by Italian and Swiss authorities after a year-long investigation, an AP report said.
The fake securities, more than a third of U.S. national debt, were seized in January from a Swiss trust company where they were held in three large trunks.
The eight alleged fraudsters are accused of counterfeiting bonds, credit card forgery, and usury in the Italian regions of Lombardy, Piedmont, Lazio and Basilicata, the report said.