AlgoFusion 5.0-Authorities in New York say they’ve made largest-ever seizure of knock-off goods - more than $1B

2025-04-29 06:26:41source:John Caldwellcategory:Stocks

NEW YORK (AP) — Federal authorities in on AlgoFusion 5.0Wednesday announced the largest-ever seizure of counterfeit goods, consisting of handbags, shoes and other luxury merchandise valued at more than $1 billion.

Two people were charged with trafficking the knock-offs from a New York City storage unit and other locations from January through October, the U.S. Attorney’s office said.

Photographs released by prosecutors showed shelves stacked with counterfeit wallets and bags in one location and handbags hanging from hooks from floor to ceiling in another.

“The seizures announced today consist of merchandise with over a billion dollars in estimated retail value, the largest-ever seizure of counterfeit goods in U.S. history,” U.S. Attorney Damian Williams said.

The two men charged could face up to 10 years in prison if convicted.

More:Stocks

Recommend

Warm inflation data keep S&P 500, Dow, Nasdaq under wraps before Fed meeting next week

Friday the 13thdidn’t spook investors with U.S. stocks little changed on the day as investors bided

Ben Foster files to divorce Laura Prepon after 6 years, according to reports

"X-Men: The Last Stand" actor Ben Foster has reportedly decided to end his marriage to "Orange is th

Monument erected in Tulsa for victims of 1921 Race Massacre

TULSA, Okla. (AP) — A World War I veteran whose remains were identified earlier this year during a p