Italy police seize $5 billion of U.S. securities

[tabatha]

Reuters – 9 hours ago

MILAN (Reuters) - Italy financial police have seized U.S. securities with face values of about $1.5 billion and gold certificates worth above 3 billion euros ($3.96 billion) as part of an investigation into a possible international
financial scam.

The police said on Saturday the “million dollar" operation was a last step in the probe, which centered on the use of bearer Federal Reserve debt securities dating back to the 1930s as a guarantee for loans or other opaque cross-border transactions.

Rome police seized the securities from a 70-year-old man, who held them in a briefcase along with documents about financial operations, the police said in a statement.

Police said they were carrying out checks, helped by the U.S. Central Bank and the U.S. embassy in Rome, over the authenticity and origin of the securities, as well as over possible links between the man and criminal organizations.
(Reporting By Danilo Masoni; editing by Patrick Graham)

http://finance.yahoo.com/news/italy-police-seize-5-billion-134824682.html

[TheWraith]

1. Probably fake like the last round of US bonds they seized, I'm guessing. nt

[Fumesucker]

2. Ah, I never heard what the final disposition was on that case..

Interesting..

I agree with you, probably counterfeit.

[dipsydoodle]

3. The importance lay in the fact they were previously believed to be real.

Mention was made when the first batch secured of suspected intended use in Africa for radio active materials.

[southernyankeebelle]

4. Well if this is real let's hope they will proscute the right people and the big fish doesn't get awa

[banned from Kos]

5. I think 70 year old US Treasuries are worthless anyway - they matured

but these are "bearer" bonds which were designed to hide and IIRC were discontinued decades ago.

Good questions for a Treasury expert.