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Italian Police Seize $6 Trillion In Fake U.S. Bonds

Italian prosecutors say Swiss authorities have seized about $6 trillion of fake U.S. Treasury bonds in Switzerland as part of a joint Italian-Swiss operation.

Authorities said they have arrested eight people accused of cross-border fraud and other financial crimes.

The operation was carried out by Italian and Swiss authorities after a year-long investigation.

The fake securities, which amount to more than one-third of U.S. national debt, were seized in January from a Swiss trust company.

The U.S. Embassy in Rome has congratulated Italy on the success of the operation, saying in a statement that the bonds were "apparently part of a plan to defraud some Swiss banks."

In September 2009, Italian police seized $116 billion in falsified bonds and arrested two Filipino nationals carrying them at Milan's airport.

Compiled from agency reports

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