Mugger Gets Quite a Haul: $500 Million in Securities
A mugger walked away with almost $500 million in negotiable securities Wednesday after holding up a messenger at knifepoint on a busy London street.
But the Bank of England said his crime may never pay.
It immediately warned financial institutions to be on their guard against attempts to cash in the certificates, whose numbers are registered.
The messenger for Sheppards Money Brokers was robbed of certificates of deposit worth $200 million and Treasury bills worth $280 million.
A Bank of England spokesman said while the bearer certificates were negotiable, it would be hard to cash them as the holder would “have to demonstrate that he has good title to the documents.”
The securities, mainly traded between banks and money brokers, were stolen while the messenger was walking to another finance house. The Bank of England plans to introduce an electronic clearing system that would end the messenger system.
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