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Man Admits Counterfeiting, Given 3-Year Prison Term

A master counterfeiter admitted producing $24 million in high-quality bogus $100 bills - of which more than $8 million had hit the streets - and was sentenced to nearly 3 years in prison.

Joseph Baghdassarian, 50, of Montreal, pleaded guilty to counterfeiting and was sentenced immediately Tuesday. He previously had pleaded guilty in Canada and was sentenced to nine years, of which he will have to serve at least three.

The fake money was distributed throughout the United States and Canada.