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WEDNESDAY, NOVEMBER 25, 2009
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Smugglers Caught Sneaking $134B in Bonds Out of Italy

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(Newser) – Two Japanese citizens were detained last week after allegedly trying to take $134 billion in undeclared US bonds from Italy to Switzerland, Bloomberg reports. Both countries are investigating the incident. “Italian authorities are in the midst of the investigation, and haven’t yet confirmed the details, including whether they are Japanese citizens or not,” a Japanese official says.

Italian police apparently found the bonds, including 249 certificates worth $500 million apiece, hidden in the bottom of the suspects’ luggage on a train near the Swiss border. If the bonds are real, the suspects could be fined up to 40% of their value for trying to sneak them out of the country.

Italian police detained two would-be securities smugglers, Bloomberg reports.
Italian police detained two would-be securities smugglers, Bloomberg reports.   (Shutterstock)
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Italian authorities are in the midst of the investigation, and haven’t yet confirmed the details, including whether they are Japanese citizens or not. Our consulate in Milan is continuing efforts to confirm the reports. - official spokesman Takeshi Akamatsu

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3 comments
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Newser001
Jun 12, 09 4:41 PM CDT
' If the bonds are real, the suspects could be fined up to 40% of their value for trying to sneak them out of the country. ' A potential fine of up to $53.6 billion!!! Yee'owzah! Reply
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Mr.C
Jun 12, 09 7:08 PM CDT
if they were heading to Switzerland they are probably the type that want to hide it for legal reasons. I suspect they would gladly give 50 B instead of having an investigation on how they got that money.
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Observer
Jun 13, 09 8:10 AM CDT
The scale of criminality in this world is shocking. How does $134B in bonds "go missing". WTF! Reply
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