Italian police swoop on $6trn fake US bond stash

Trillions of dollars in fake US bonds have been seized from a warehouse in Zurich alleviating a "severe threat" to global financial security, according to media reports.

Around $6trn in counterfeit bonds, equivalent to half of the entire US debt pile, were tracked down by Swiss and Italian police, breaking up an organised crime ring in the process, reported the BBC. Eight people have been arrested by Italian police and are being questioned on fraud and other crimes. Police said the fraud posed a "severe threat to international financial security" while Federal Reserves officials confirmed the bonds, found in three metal boxes, were fake despite having the appearance of being issued by the Fed in 1934. There were three separate fake bond discoveries...