Arrest warrants have been issued for eight people accused of cross-border fraud and other financial crimes.
The operation was carried out by Italian and Swiss authorities after a year-long investigation.
The fake securities, which amount to more than one-third of U.S. national debt, were seized in January from a Swiss trust company.
Investigators said a criminal network tried to use the bonds in emerging markets or attempted to sell them to banks.
The U.S. Embassy in Rome has declined to comment.
In September 2009, Italian police seized $116 billion in falsified bonds and arrested two Filipino nationals carrying them at Milan’s airport.
Compiled from agency reports
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