Accessibility links

Breaking News

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

Updated

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

See comments (1)

This forum has been closed.
XS
SM
MD
LG