Police seize $6 trillion in fake US Treasuries
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Anti-mafia investigators in Italy say they have seized around $6 trillion in fake US Treasury bonds in Switzerland and arrested eight people in connection with the case.
Italian and Swiss authorities found the fake securities, which have a face value of close to half of the US’ $15.4 trillion public debt, in January. They were hidden in three safety deposit boxes in Zurich.
The bonds, which carry a nominal value of $1 billion each, were printed to look as if they were issued by the Federal Reserve in 1934. US officials have confirmed that the securities are fake. (article continues below)
Investigators based in Potenza in southern Italy say the fraud created “severe threats” to international financial stability.
Fake US Treasuries have been discovered by Italian authorities before, but the new case dwarves the others in the scale of the fraud.
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