Jonna Bianco

Administrative Order imposing monetary penalties on American Bondholders Foundation, LLC, of Delaware, and Jonna Bianco, of Tennessee, regarding "thousands of defaulted bonds issued by the Republic of China between 1912 and 1942", before the U. S. Securities and Exchange Commission.

Just when you thought it was safe to go back to the bond market and you knew all the rules and regulations and the history behind defaulted sovereign debt, up comes something to show you were wrong. A client brought in for me a number of Chinese bonds that were issued in 20 pound denominations in 1913. The bonds have writing in the front that these can be paid in pounds, marks, rubles or francs. The bonds are written in English, German, French, Russian on, on their face, is written "The Chinese Government 5% Reorganization Gold Loan of 1913". Approximately 25 million pounds (Sterling) were issued.