FLORIDA MAN CHARGED WITH COUNTERFEITING : SECURITY GUARD TIPPED POLICE.

Byline: Michael Coit Daily News Staff Writer

Acting on a tip from a storage locker security guard, police arrested a Florida man whom federal authorities charged Friday with possessing and manufacturing more than $140,000 in counterfeit money, officials said.

Kenneth Buschman had been living in Simi Valley and printing bogus bills, in denominations of $20 and $50, inside a rented storage locker, officials said. Simi Valley Police Department detectives arrested Buschman at his home on Geronimo Street on Thursday after discovering currency, a personal computer and printer, chemicals used to make the money, and a shotgun.

U.S. Secret Service agents credited police with swift action. Police officials credited the security guard with being alert and notifying the police as soon as he discovered what was inside the locker Wednesday night.

``A watchman for the storage area was doing his rounds and found a door open,'' said Sgt. Bob Gardner. ``Their policy is, if he finds that, he's to investigate.''

Buschman, a 54-year-old electrical engineer, was charged Friday with possessing and manufacturing counterfeit currency. He appeared before a U.S. magistrate in Santa Barbara and was released on his promise to appear, said James Bauer, the Secret Service special agent in charge for Southern California.

Bauer said federal authorities recovered $116,000 in counterfeit $20 and $50 bills from the Simi Valley storage locker and $24,000 in counterfeit $20, $50 and $100 bills from a storage locker in Oldsmar, Fla., which is near Palm Harbor, Fla., where Buschman has a permanent residence.

``It's a pretty good amount. It's nothing to sniff at,'' Bauer said. ``This case began and we hope ended yesterday, and that is largely due to the quick work of the Simi Valley Police Department.''

Secret Service officials said the bogus bills have not been turned in by either merchants or banks, leading them to conclude that none are in circulation.

``That's most unusual, because in a traditional counterfeit case, someone prints it and starts spending it or sells it to someone who eventually spends it,'' Bauer explained.

Bauer said the money, though flawed if examined, could be passed as currency. ``These are fairly good quality. That is to say, they're passable. But they really aren't true replications of currency.''

While Buschman is a Florida resident who was charged with printing much of the counterfeit currency in Simi Valley, he was not targeting Ventura County, Secret Service officials said. Bauer said Buschman had relatives or knew people in the area.

Buschman was arrested without incident and was not considered violent, despite the presence of the shotgun. He has never been arrested on a similar charge, Bauer said.

An important factor in making the charge against Buschman is the quality of the bills, Bauer explained.

``The quality of the printing varies depending on the process. The preponderance of the counterfeits that we still encounter is offset (printing),'' Bauer explained. ``Laser does not approach the quality of offset printing.

``There were any number of flaws. Obviously, the paper was not genuine, nor was the ink that is used in general currency.''