Artur Alves Reis: Escudo Printing Scandal

In 1924, Artur Alves Reis, a Portuguese arms dealer just released from jail, convinced London-based printing company Waterlow and Sons to print 300 million escudos (nearly 1% of Portugal's GDP) secretly for a loan to Portuguese Angola. The money, printed in 500 escudo notes, appeared genuine. Reis laundered it in Portugal, establishing the Bank of Angola & Metropole. Attempting to control the Bank of Portugal, he bought over 20% of its shares by September, triggering suspicions. The scheme unraveled by November, causing a crisis and contributing to a coup. Reis was sentenced to 20 years in prison and died penniless in 1955.