Israel-based counterfeiters allegedly made millions in bad money

An indictment charged that an Israel-based counterfeiting ring moved operations to Cherry Hill, N.J., in a cost-cutting move.
By Frances Burns  |  Updated Aug. 14, 2014 at 5:08 PM
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CHERRY HILL, N.J., Aug. 14 (UPI) -- An Israel-based counterfeiting ring allegedly used a warehouse in Cherry Hill, N.J., to make and store fake $100 bills.

Boaz Borohov, 43, and his wife, Ofra Borohov, 45, both of Tel Aviv, were arrested during a May 28 raid on the warehouse. Itzhak "Ari" Loz, 46, and Ronen Fakiro, 45, the alleged ringleaders, were arrested the same day in New York.

A federal indictment handed up last week in Virginia gave details about the allegations. The indictment charges that Loz and Fakiro bought the warehouse unit in January and moved high-quality printing presses to Cherry Hill from Israel because they were trying to cut costs.

The group allegedly passed counterfeit $100 bills with a face value of $32 million from 2005 to 2014. Prosecutors said the defendants are "suspected of producing one of the most prolific counterfeit notes in history."

Neighbors in Cherry Hill, a Philadelphia suburb, said the group was quiet, always using the back door and frequently there in the small hours when no one else was around.

"We knew something was going on, but nothing of that magnitude," Chuck Rickards, who works at Val Associates Laboratory, told the South Jersey Courier-Post. "They would do a lot of their stuff well before anybody would come in ... around 3 or 4 in the morning."

The indictment charged a total of 13 people, most of them residents of the New York City suburbs.

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