Duluth man arrested, $1.6 billion in phony Treasury notes seized

By Mike Morris

The Atlanta Journal-Constitution

A Duluth man has been charged with manufacturing more than $1.6 billion in fraudulent U.S. Treasury bonds and other government documents.

On Feb. 1, Gwinnett County police investigators were notified by an attorney that Lloyd Clifford Norris wanted to purchase a home by using a registered promissory note supposedly certified by Treasury Secretary Timothy Geithner, Gwinnett police Cpl. David Schiralli said.

"A copy of the promissory note was given to the investigator and with the assistance of the U.S. Treasury, the note was confirmed to be fraudulent," Schiralli said.

On Thursday, the suspect attended a loan closing at the attorney's office, where Norris presented the $225,000 note for payment to purchase a home in Lawrenceville, Schiralli said.

Investigators confirmed that Norris signed the loan documents under false pretense and he was arrested.

"An inventory of his personal items that he brought with him revealed several more fraudulent bonded promissory notes that were written in the sum of $600 million," Schiralli said.

When investigators executed a search warrant at the suspect's home, they discovered "additional fraudulent bonds were being printed on printers," Schiralli said.

Schiralli said the printing equipment was seized, along with approximately $1 billion in fraudulent notes

Norris, 57,  was charged with residential mortgage fraud and is being held in the Gwinnett County Detention Center without bond. Schiralli said additional charges are forthcoming.