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A Toronto, Canada man and his Japanese partner went to a Toronto bank and presented $25 billion in U.S. Treasury bearer bonds for collateral. They were trying to get a $25 billion letter of credit.

A sharp-eyed banker noticed the bonds, supposedly issued in 1934, had a U.S. Treasury address with a zip code. Zip codes were not used in the U.S. until over 20 years later.

Both men were arrested for trying to negotiate fake bonds.

Copyright © 2001 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 11, No. 3, 3/01

First published on 03/01/2001

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