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worth $ 134.5 billion. The two possessed 249 U.S. bonds worth $ 500 million each (among other securities, they also had 10 "Kennedy bonds" denominated at $ 1 billion each). The large denominations of the securities, along with accompanying bank documentation, was what attracted the
Italian police's
192:
On
February 17, 2012, it was reported that Italian police had seized $ 6 trillion in counterfeit U.S. bonds. Eight Italian citizens were arrested for attempting to defraud several Swiss banks using the phony bonds as collateral for loans. They were also accused of counterfeiting bonds, credit card
431:
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denounced the plaintiffs' claim as "preposterous" and listed reasons to doubt the authenticity of their bonds. However, the question for the court was not authenticity, but whether the plaintiffs had voluntarily withdrawn their claim in time to avoid
77:." Col. Rodolfo Mecarelli, the provincial commander of the financial police in Como, said that the bonds "are made of filigree paper of excellent quality." Mckayla Braden, senior adviser for public affairs at the Bureau of Public Debt at the
107:, confirmed that the two suspects were carrying Japanese passports and had been detained and questioned by the Guardia di Finanza, but that Tokyo had not been informed of their names or whereabouts during or after their release.
189:, this time involving six smuggling U.S. Treasury bonds (valued at approximately €20 billion and said to be counterfeit) at a highway rest stop. The six are under investigation for receiving stolen goods.
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also said that this type of counterfeit bond scam "has been going on for years." The
Treasury refers to such billion-dollar bonds as "Morganthaus," after the signature of Treasury Secretary
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143:
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There has been very little in the way of official statements regarding this case, raising concerns about who made them, dumping of U.S. debt and
Italian interests.
100:, has said that the “U.S. Secret Service, which polices counterfeiting of U.S. currency, is assisting Italian authorities in tracing the source of the fake bonds."
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27:(near the Swiss/Italian border), when Sezione Operativa Territoriale di Chiasso in collaboration with officers of Italian customs/financial military police (
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in their 50s) who had attempted to enter
Switzerland with a suitcase in their possession with a false bottom containing what at first appeared to be
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against them. The court decided that they had, and Posner warned them that attempting to bring a similar claim in the future could result in
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122:(with respect to financial value) in recorded history. The total value of the counterfeit bonds was estimated at one percent of total
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Initial reactions to the story contemplated that, if the bonds were genuine, this case would have been the largest single act of
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also reported that the two suspects "had been released" by
Italian authorities. No additional comment or elaboration from the
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In the
Telegraph, commentator Edmund Conway stated that this story points to falling global confidence in the U.S. Dollar.
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had concluded that "the bills and accompanying bank documents were most probably counterfeit, the latest handiwork of the
96:(Italian financial/customs military police) headquarters in Rome was available. As well, Ed Donovan, a spokesman for the
97:
428:"Employees of Japan Finance Ministry arrested in Italy trying to smuggle $ 134 Billion in U.S. Treasuries in suitcases"
483:
103:
Nonetheless, Japanese authorities also remained interested in the matter. Takeshi
Akamatsu, a press secretary for the
134:. As well, according to Italian law failing to declare currency above 10,000 euros can be punished by fines of 40%.
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in 2008. The pair would also have been considered the fourth largest creditor to the U.S., ahead of the
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On
September 18, 2009, a similar incident was reported by the Italian financial military police
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forgery, and loan-sharking in the
Italian regions of Lombardy, Piedmont, Lazio and Basilicata.
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569:"Libero Quotidiano - Filippini con 180 miliardi nel trolley. Mistero alla dogana di Malpensa"
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If the bonds are confirmed, then it is the largest financial smuggling operation in history.
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On January 26, 2011, another similar incident was reported by the Italian military police
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288:"US government securities seized from Japanese nationals, not clear whether real or fake"
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Bloomberg report that U.S. Dollar reached a new low in 2009 vs. other world currencies
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smuggling purported U.S. Treasury bonds valued at approximately $ 180 billion at
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attention. Large denominations are not available to the general public; only
547:"Il mistero dei bond falsi Miliardi verso la Svizzera - Corriere della Sera"
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This source stated that the SEC has been asked to authenticate the bonds.
454:"$ 134.5 BILLION worth of US bonds seized from smugglers at Swiss border"
123:
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Bonds are counterfeit and, curiously, the two suspects were released.
313:"2 Japanese carrying $ 134 bil worth of U.S. bonds detained in Italy"
131:
618:"Italian police seize $ 6 trillion of fake US bonds in Switzerland"
259:"Sequestrati a Chinasso titoli USA per novantasei miliardi di euro"
142:
An earlier billion-dollar bond case was recorded in 2002, when the
52:
Assessment as to the authenticity of the bonds began immediately (
56:
of these securities was suspected). One source reported that the
405:
150:, heard a case from two men who sought $ 100 billion from the
384:"UPDATE 1-U.S. Treasury says bonds seized in Italy are fakes"
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Financial Times Deutschland story on the age of Japanese men
681:
AsiaNews article about doubts on claims that bonds are fake.
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had been requested to verify the authenticity of the bonds.
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The CIA's estimate of U.S. GDP in 2008 was $ 14.3 Trillion.
637:"Italian police seize $ 6 trillion of fake U.S. bonds"
533:
Marques and Portman v. Federal Reserve Bank of Chicago
144:
United States Court of Appeals for the Seventh Circuit
430:. Turner Radio Network. June 19, 2009. Archived from
635:Forte, Elisa and Jones, Gavin (February 17, 2012).
595:"Italy confiscates euro20 billion in fake US bonds"
261:. Guardia di Finanza. July 6, 2009. Archived from
536:, 286 F.3d, 1014 (7th Cir. 2002).
408:. Gold Anti-Trust Action Committee. June 21, 2009
346:"Mafia blamed for $ 134bn fake Treasury bills"
482:. Central Intelligence Agency. Archived from
406:"U.S. says smuggled Treasury bonds were fake"
226:"Italien rätselt über 96-Mrd.-Euro-Schmuggel"
8:
662:: CS1 maint: multiple names: authors list (
31:) detained two suspects (who appeared to be
571:. Rassegnastampa.mef.gov.it. Archived from
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69:reported that the Italian police and the
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616:Blackden, Richard (February 17, 2012).
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58:U.S. Securities and Exchange Commission
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476:"Country Comparison: National Product"
751:Organized crime events in Switzerland
371:Fraudulent "Federal Notes" or "Bonds"
7:
307:
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507:"Is this the death of the dollar?"
14:
505:Conway, Edmund (June 20, 2009).
21:Chiasso financial smuggling case
691:Secret Service is Investigating
382:Lawder, David (June 19, 2009).
319:. June 11, 2009. Archived from
232:. June 13, 2009. Archived from
152:Federal Reserve Bank of Chicago
48:Investigation and determination
597:. boston.com. January 26, 2011
85:that appears on some of them.
44:handle such amounts of money.
1:
456:. Boing Boing. June 14, 2009
98:United States Secret Service
23:began on June 3, 2009, near
290:. AsiaNews.it. June 8, 2009
230:Financial Times Deutschland
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182:. Both men were detained.
174:, this time involving two
111:Reactions and speculation
105:Japanese foreign ministry
79:U.S. Treasury Department
16:2009 Swiss criminal case
180:Milan Malpensa Airport
63:On June 18, 2009, the
176:Philippines nationals
236:on February 11, 2013
83:Henry Morgenthau Jr.
25:Chiasso, Switzerland
622:The Daily Telegraph
511:The Daily Telegraph
71:U.S. Secret Service
37:U.S. Treasury Bonds
480:The World Factbook
172:Guardia di Finanza
94:Guardia di Finanza
33:Japanese nationals
29:Guardia di Finanza
746:Commercial crimes
575:on April 29, 2011
138:Similar incidents
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731:A similar case
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696:NY Times Story
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648:December 12,
646:. Retrieved
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601:February 21,
599:. Retrieved
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577:. Retrieved
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551:. Retrieved
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515:. Retrieved
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488:. Retrieved
484:the original
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458:. Retrieved
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438:February 21,
436:. Retrieved
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410:. Retrieved
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579:November 7,
553:November 7,
317:Japan Today
187:Carabinieri
740:Categories
756:Smuggling
624:. London.
386:. Reuters
165:sanctions
120:smuggling
658:cite web
513:. London
197:See also
154:. Judge
124:U.S. GDP
766:Chiasso
642:Reuters
517:July 6,
490:July 6,
460:July 6,
412:July 6,
390:July 6,
356:July 6,
327:July 6,
294:July 6,
269:July 6,
240:July 6,
148:Chicago
132:Russia
209:Notes
664:link
650:2019
603:2012
581:2010
555:2010
519:2009
492:2009
462:2009
440:2012
414:2009
392:2009
358:2009
329:2009
296:2009
271:2009
242:2009
88:The
19:The
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656:{{
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