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