A Billion Dollar Fraud:
What Would You Do?

It is one of the principles of Notary ethics and best practices that no legitimate request should be refused. But what happens when the notarization request itself is legal, but the Notary knows the client is trying to pull a fast one? That’s the dilemma an Albuquerque, New Mexico, Notary faced when his boss asked him to notarize a statement swearing that the five, $1 billion dollar bills he was using to secure a line of credit were legitimate.

Notaries are not required or expected to determine the lawfulness of a signer’s documents. However, if they happen to know or strongly suspect that the transaction is illegal or improper, they are obligated ethically — per The Notary Public Code Of Professional Responsibility and, in this case, the laws of the State of New Mexico — to stop the notarization.

While recognizing the impropriety of this request required some knowledge of the U.S. monetary system, it wouldn’t take much expertise to suspect that a “$1 billion bill” was a fake or at least suspicious. The largest denomination currently in circulation is the $100 bill.

It’s unclear why the Notary proceeded with the notarization. The bank put the brakes on the line of credit the “billionaire” was seeking, and the U.S. Secret Service — which investigates currency crimes — was called in. The investigation by the bank and the federal authorities continues.