Talk about junk bonds.
Italian anti-Mafia police have arrested eight suspects in connection with a fraud ring intending to back up international financial transactions with $6 trillion in counterfeit U.S. Treasury bonds which were "stored in fake Federal Reserve security boxes in Switzerland" as reported by ANSA: "investigators said the gang may have been planning to offer the bogus bonds to investors in emerging economies or to mainstream brokers . . . 'to get a massive amount of cash.'"
In 2009 Italian authorities seized fake U.S. Treasury bonds in three separate instances with an aggregate face value of about $500 billion as reported by Elisa Martinuzzi for Bloomberg.