3 arrested for selling fake US Treasury Bonds

MALOLOS CITY, Philippines - Three persons were arrested for attempting to sell fake US Treasury Bonds worth $3 trillion in Pulilan, Bulacan on Friday.

Nabbed were Rodolfo Tero, 57, a former enlisted personnel of the Philippine Army; Arsenio Ubatay, both of Barangay San Benito in San Pablo, Laguna, and Avelina Buag, 60, of Meycauayan City in Bulacan.

Police said the suspects were apprehended after they tried to sell fake US treasury bonds to a poseur buyer in an entrapment in Barangay Tibag, Pulilan town at 5:15 p.m.

The three have been charged with violation of the Revised Penal Code, said Chief Inspector Reynaldo Magdaluyo of the Criminal Investigation and Detection Team.

Magdaluyo said they conducted the entrapment following the complaint of a businessman from Pulilan who bought P2 million worth of US treasury bonds from the suspects.