(February 14 – 11:00 ET) – In what is likely the biggest fraud case ever in Canada, the Royal Canadian Mounted Police have made two arrests in connection with a scheme to pass US$25 billion of counterfeit United States bearer bonds.

On February 7, CIBC reported a suspicious banking transaction to the RCMP’s Toronto integrated proceeds of crime section.

The bank believed that a US$25 billion bearer bond fraud was in the process of being committed within the next three to four hours.

The U.S. Treasury’s Bureau of Public Debt had reported a similar scam on their Web site.

The situation was immediately referred to RCMP’s Toronto North detachment, commercial crime section. Commercial crime investigators pursued the matter and subsequently seized US$25 billion in counterfeit U.S. bearer bonds.

Charged with conspiracy to utter a forged document, conspiracy to commit fraud, uttering a forged document, and attempt fraud over $5,000 are Sung Taek Park, of Japan, and Michael Johnson of Etobicoke, Ont.
-IE Staff