In November of 1924 a Portuguese businessman on the verge of bankruptcy came up with a plan for counterfeiting unequaled in history in its audacity. With no resources except boldness he set about acquiring the power to print his country's currency. Amazingly, he succeeded and except for a fluke of fortune he would have gotten away with it.
Murray Teigh Bloom (1919-2009) was an author of fiction and nonfiction known for Last Embrace (1979) and History's Mysteries (1998). Other books include The Man Who Stole Portugal (1953) and The 13th Man (1977). He earned a B.A. and a M.S. from Columbia, and was a reporter for The New York Post in 1939 before serving in the U.S. Army beginning in 1942. He was a correspondent for Stars & Stripes from 1944-1946, reporting out of both Paris and Berlin. He was both a founder and president of The American Society of Journalists and Authors. He was the recipient of the 50th Anniversary award from Columbia University Graduate School Journalism in 1963, the Career Achievement award from the American Society Journalists and Authors in 1995, and a Columbia Journalism Alumni award in 1996.
I would strongly recommend this book. If you're going to be a successful counterfeiter, you both have to make good counterfeits and have a way to launder the money. He had a solution to both problems, get the actual printers to print the banknotes for him, using forged papers claiming he was with a colonial government, then buying a bank to distribute the "counterfeit" banknotes, which worked until banknotes with the same serial numbers started appearing. Really fascinating, both to someone interested in economics, finance and banknotes, as well as history, since the greed of this con artist led to the overthrow of the Portuguese democracy and decades of dictatorship.
Esta obra foi escrita por um investigador americano nos anos 60, quando visitou Portugal e teve oportunidade de aprofundar a história que lhe tinha sido contada sobre a maior fraude financeira do século XX. Acompanhamos o percurso de Artur Virgílio Alves dos Reis desde a juventude e o desenvolvimento do seu carácter de criminoso. O primeiro delito terá sido a falsificação do diploma numa universidade que nem sequer existia, passando a ser reconhecido como Engenheiro diplomado pela Polytechnic School of Engineering da Universidade de Oxford, especialista em inúmeras áreas da engenharia. Consegue emigrar para Angola após o casamento e trabalha como engenheiro. Regressou a Lisboa, onde compra uma empresa de importação de automóveis americanos. Compra acções da Companhia Ambaca (Caminhos de Ferro Transafricanos de Angola, em Moçâmedes) com cheques sem cobertura e tenta controlar a empresa e usa o próprio dinheiro da empresa para cobrir a falta de capital na sua conta pessoal devido aos cheques sem cobertura. Compra acções da Companhia Mineira do Sul de Angola. Entretanto é descoberto o desfalque na Companhia Ambaca e é detido no Porto em 1924. É durante o tempo em que está preso que desenvolve o plano para a grande fraude financeira, com a falsificação de notas de 500 escudos. Vem a implementar o plano ao falsificar documentos com a assinatura falsa de 2 directores do Banco de Portugal e, com a ajuda de comparsas (um financeiro holandês,um ex-espião alemão e o irmão cadastrado do embaixador português na Holanda), consegue contactar com a empresa britânica impressora das notas para o Estado Português e convencê-los da autenticidade dos documentos e da encomenda de 200 mil notas de 500 escudos. São-nos apresentados nesta obra todos os detalhes do processo de engodo durante o ano de 1925, inclusivamente de Alves dos Reis em relação aos comparsas, já que terão sido iludidos a crer que Alves dos Reis teria realmente boas relações com aqueles directores do Banco de Portugal e que estes seriam corruptos, ajudando na obtenção das notas falsas que seriam usadas para controlar a bancarrota de Angola. Criam mesmo o Banco Angola e Metrópole, que vai ser o "cavalo de Tróia" para a libertação das notas falsas na economia portuguesa. O pânico instala-se com os rumores de circulação de notas falsas de 500 escudos em 1926, tendo o Banco de Portugal analisado notas que foram apresentadas como sendo falsas e reconhecido-as como verdadeiras e emitido uma nota na impressa a informar que tudo não passavam de boatos. Alves dos Reis e os seus comparsas começam a comprar acções do Banco de Portugal, com o objectivo de o controlar e mascarar toda a fraude. O descalabro de todo este esquema que enriquece abruptamente os 4 intervenientes e alguns associados dá-se quando os jornais, nomeadamente o jornal "O Século", começam a questionar o motivo pelo qual o Banco Angola e Metrópole, entidade recente, tem um desenvolvimento de negócio avultado e compra acções do Banco de Portugal através dos seus directores ou "testas-de-ferro" e porque é que os seus directores (Alves dos Reis era Presidente do Banco) denotavam evidentes sinais exteriores de riqueza, com aquisição de bens como casas e carros. O Banco de Portugal comunica com a empresa impressora das notas, a britânica Waterlow, e descobre que houve emissões "extra" de notas de 500 escudos pedidas pelo próprio Banco, mas negociados por uma pessoa individual, fora dos trâmites normais de negociação com o Estado Português. Despoleta-se toda a investigação e começam as detenções.
Alves dos Reis esteve preso em prisão preventiva enquanto aguardava julgamento, desde 6 de Dezembro de 1925 até 8 de Maio de 1930. O julgamento entre 8 e 10 de Maio de 1930, impressionou quem assistiu devido à frieza de Alves dos Reis, que confessa os crimes e explica detalhadamente os pormenores de todo o processo da fraude. Alves dos Reis foi condenado a 20 anos de pena: 8 de prisão e 12 de degredo ou, em alternativa, 25 anos de degredo. Foi libertado em Maio de 1945, ainda tentou um esquema no Brasil, mas faleceu na miséria a 9 de Junho de 1955.
José Bandeira, outro dos réus, foi condenado igualmente, com a mesma pena. Após ter sido libertado viveu na pobreza, ajudado por familiares e com inúmeros problemas de saúde, tendo falecido em 9 de Junho de 1957. Karel Marang, o financeiro holandês, foi preso e condenado na Holanda e cumpriu 11 meses de prisão, tendo depois sido libertado e fugido para a Bélgica e posteriormente Paris, onde se fixou até à sua morte, como rico empresário, em 1960. Hennies, o ex-espião alemão, fugiu aquando da detenção de Alves dos Reis (vinha de Angola no mesmo navio que ele) e só reapareceu anos mais tarde com a sua verdadeira identidade Hans Döring, tendo falecido em 1957 num hospital de Berlim, sob condições suspeitas.
Esta obra tem como anexo notas do julgamento feitas pelo poeta Fernando Pessoa, que tirou dias do trabalho para assistir ao julgamento. O facto de Pessoa ter assistido ao julgamento de Alves dos Reis não tem a ver apenas com a curiosidade comum a muitos portugueses que foram assistir, mas também com o facto dele ter admirado o percurso de Alves dos Reis e ter chegado a enviar uma carta a propor a venda da patente de um anuário comercial que tinha inventado e que podia ser lido em várias línguas, carta essa que nunca obteve resposta por parte de Alves dos Reis e poucas semanas depois ocorreu o escândalo da fraude. Pode dizer-se que Fernando Pessoa se terá escapado por pouco de ver o seu nome associado ao de Alves dos Reis devido a algum negócio.
Uma pesquisa extensa e cuidadosa que relata as várias etapas e as vidas daqueles afetados por um dos maiores escândalos financeiros do mundo - o caso de falsificação da moeda portuguesa na década de 1920 pelo engenhoso Alves Reis. O livro, embora extenso em algumas passagens, é repleto de detalhes sobre a época e seus personagens, ganhando assim ares de ficção. Uma leitura interessantíssima para quem curte jornalismo literário e ficcção policial.
In November of 1924 a Portuguese businessman on the verge of bankruptcy came up with a plan for counterfeiting unequaled in history in its audacity. With no resources except boldness he set about acquiring the power to print his country's currency. Amazingly, he succeeded and except for a fluke of fortune he would have gotten away with it.
Very interesting look at this little known episode in Portuuese history. Absolutely amazing that this man, Alves Reis, managed to put all this together and bring down the economy of an entire country. Well written and the author made it pretty easy to understand this incredibly complicated scheme.
Book Review: The Man Who Stole Portugal — A True Story That Feels Like Fiction
Murray Teigh Bloom’s The Man Who Stole Portugal is not just a true-crime masterpiece — it’s a lesson in financial psychology, institutional blindness, and the staggering scale of deception that one man can unleash on a nation. The book tells the incredible story of Artur Virgílio Alves dos Reis, a Portuguese con artist who, in the 1920s, forged documents so convincingly that he tricked bankers — and ultimately the government — into printing real currency on his behalf. With this fake-but-official money, he nearly bought the Bank of Portugal and came dangerously close to reshaping the country’s economy and political future.
Bloom’s reporting is razor-sharp and cinematic, laying out not only the facts but the atmosphere of a nation drifting into crisis without realizing it. He shows how institutions built on trust can collapse under the weight of one well-executed lie — especially when that lie slips neatly into a system that no one dares question.
This real-life account shares a chilling kinship with the fictional novella Fort Knox: The Greatest Heist of All Time. While Bloom recounts how one man exploited the cracks in Portugal’s monetary system, Fort Knox imagines how a similar manipulation — on a global scale — could unfold in the United States. In both cases, the danger is not just in the theft itself, but in what it reveals: how little it takes to unravel the illusion of stability that nations project.
Where Alves dos Reis used forged documents, Fort Knox envisions a more modern kind of deception — one that blends financial sleight of hand with psychological warfare. Both books remind us that money is only as strong as the belief we place in it, and that belief can be hijacked, whether by a lone fraudster or a carefully orchestrated scheme.
If you want to understand how systems fall not with explosions, but with paperwork, signatures, and silence, The Man Who Stole Portugal is essential reading. And if you want to see how close fiction can come to truth — or how far truth can drift into fiction — Fort Knox is the perfect companion.
This connection becomes even more urgent in light of the recently passed Genius Act.
The so-called Genius Act could, intentionally or not, open the door for billions of off-the-books U.S. dollars to flow back into the economy — without oversight and without control.
For decades, enormous amounts of U.S. cash have circulated outside the formal money supply. These are dollars paid out during the Vietnam War, stashed in foreign banks, or hidden in vaults from Manila to Moscow. When President Nixon ended the gold standard in 1971, many of these foreign-held dollars were effectively removed from the official balance sheet — presumed lost to history.
Now, under the new legislation, those forgotten dollars could quietly be converted into Bitcoin — and then used to buy hard assets like gold. If that happens at scale, it would trigger a sudden, invisible expansion of the money supply — before the Federal Reserve even realizes what’s happening.
The consequences? Inflation. A weakened dollar. A loss of global trust. And all without a single vote from Congress or a headline in the papers.
Read Bloom. Read Fort Knox. And read between the lines.
Murray Teigh Bloom’s The Man who stole Portugal is an interesting and well told tale of a man who committed one of the greatest acts of fraud in history. Artur Virgilio Alves Reis was an amateur business man who came up in the world through a combination of natural intelligence and good luck. At the risk of going into bankruptcy, he masterminded a way to dig him out of his financial hole, albeit illegal. This book is a great read for those who enjoy non-fiction as well as those who like fiction. Bloom used his writing expertise to keep readers captivated. Alveis Reis loses money due to and investment gone wrong. To earn back his money, he attempts to make counterfeit Portuguese money and bring back his fortune. Although Reis’ plot is already a fairly intriguing part of history, Bloom fails to make it dull. He writes in the style of a historical fiction but effectively puts across information about the scandal. For example, rather than saying “Reis got a copy of his diploma notarized by a notary in Sintra”, Bloom says “Alveis Reis had a copy of diploma notarized by a dimwitted, accommodating notary in Sintra...”(7). This simple addition of adjectives and a sentence structure that flows together makes the memoir easier to read. The Man Who Stole Portugal should also be read due to its informative nature. Throughout the book, Bloom regularly includes well researched facts and even excerpts from letters and diaries of those involved in the plot. It includes excerpts from forged contracts such as the Waterlow printing contract and personal diary entries from Reis and his partners in crime. These addition s help add credibility to Bloom’s writing while also giving readers more insight as to how the participants felt viewed and approached the plot. The Man Who Stole Portugal is a great example of a well written, historical book, and it should be read by both non-fiction and fiction lovers. Bloom successfully puts across all the important information regarding the scandal without making the novel wordy and boring. These aspects make the book enjoyable, and I highly recommend reading it.
This book contains a very detailed account of what is still considered today one of the biggest financial frauds in the world - when one man managed to deceive a country, a central bank, one of the most renowned printing houses in England, several diplomats and a host of other people and entities in the 1920s
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Overall, Alves dos Reis genius idea was not to counterfeit money - but to counterfeit the contracts that allowed him to have that money printed (at a time when central banks of a lot of countries outsourced the printing of bank notes) in the same printing house the Portuguese Central Bank used. So, in essence, those bank notes were equal to the original ones and even the central bank missed the differences when confronted with the first suspicions that there was counterfeit money circulating in Portugal.
The last part of the book is a bit confusing, because there are lots of transcriptions from the trials both in Portugal and in England and it's easy to lose track of who said what. Also, there were a few geographical inconsistencies here and there - which will only be noticeable to those of us born and bread in Portugal and which are familiar with the towns and locations being mentioned.
Overall, a nice book if you love the genre, though I'm guessing I may be a bit biased here since I was already partly familiar with the story.
My reaction to this book was coloured in shades of wariness when I discovered, upon receipt of this much anticipated volume (thankfully via a inter-library loan not by purchase), that it was originally published, in England in 1963 (1953 in Portugal),and repackaged, but not revised or updated in any way, in 1992. This struck as unfortunate, if not staggeringly disappointing note, in the light of the demise of Portugal's facist 'Nuovo Ordo' regimen and the opening of so many archives. The prose style of the book was also old fashioned - a breezy noveletish style which attempts to create atmosphere by constant irrelevant references to the weather and how that played out in affecting the modes and actions of the various 'characters' involved in the scam.
It is not a bad book, it is just an old-fashioned and dated book. It astounds me that there have been no further books on this scandal - it is the sort of tale that, in the hands of a imaginative mind, could write a tale that could be both factually accurate and a penetrating examination of how a classic outsider played on the hypocrisies, prejudices and arrogance of the UK 'establishment' civil servants, bankers, etc. to run rings around them in a display of dazzling criminality.
"Crime and politics. They are the same thing". Michael Corleone. This story is so bizarre you know it must be true. Artur Virgilio Alves Reis was a Portuguese con man who through forgery managed to convince the Bank of Portugal that he was the person responsible for drawing from an account the Portuguese government used to pay for a phony company in the colony of Angola, a company he created. It worked. Reis siphoned off millions for himself and put the rest in the Bank of Portugal, where at one point he became one of the largest shareholders. Incredibly, his holdings constituted one-percent of the entire Portuguese economy. The title of Murray Bloom's biography and true crime story is not an exaggeration. Reis held the fate of Portugal in his hands for a time. He could make and break governments. What became of him, and how he tripped up, you'll have to read to find out. Reis is up there with Stavinsky and Elmir Hoffman as one of the great grafters of the twentieth century; one whose crime spilled over into politics.
Este livro foi-me oferecido pelo meu pai, a propósito da história do livro na qual esteve envolvida o meu avô materno (ele era o juiz desembargador que tratou do caso). Não conhecia bem a história do Alves dos Reis, mas veio a revelar-se absolutamente mirabolante.
Com uma pesquisa cuidada, até com detalhes que nem sempre me pareceram relevantes (como os detalhes das vidas dos outros parceiros estrangeiros, que acabaram inocentados), o autor vai desenrolando esta história doida, deixando-nos a cada momento admirados com a absoluta incompetência de todos os envolvidos, que permitiu um roubo à escala internacional que até hoje influencia a nossa economia.
Por vezes a escrita pareceu-me um pouco confusa, e a divisão da história por datas acaba por não ser muito linear.
De resto, foi um livro divertido, que se lê num instante.
Escrito na década de 1960, o livro é um romance jornalístico, ou reportagem literária, a meu ver. A riqueza de detalhes, pesquisa e fontes diretas citadas mostra a seriedade do trabalho do autor, mas o tom de narrativa de aventura em certos momentos e a reconstrução de toda história fazem do leitor quase cúmplice. Porém em alguns momentos esses detalhes deixam a leitura um pouco cansativa, principalmente no final, quando já estamos no julgamento e posterior destino dos envolvidos. É um livro qur cumpre bem o seu intuito: mostrar a linha de raciocínio e execução de um crime inédito, e sem comparação, até hoje.
A história fascina e deixa-nos incrédulos como foi possível acontecer uma fraude como esta. Uma boa leitura para lembrar factos da nossa história e uma aproximação à sociedade da época. Todos os portugueses deveriam ler este livro, porque muitas vezes parece um déjà vu.
One of the most incredible crimes I have learned about. Of course, the crime is the catalyst for several Hollywood blockbusters; but this guy did it without explosions and gratuitous action. Fascinating story.