Thursday, December 13, 2018

An old retired casino-cheat seriously ups the ante!

Louie and his fake casino chips
I am talking about Louie "The Coin" Colavecchio, the now seventy-six-year-old man who in the 1990s flooded Atlantic City casinos with high-grade $100 counterfeit chips. His casino exploits have been profiled on TV shows such as the History Channel's "Breaking Vegas" series. He ended up serving more than two years in federal prison for his counterfeiting-$100-chips crimes.

Well, apparently Louie has been up to his old tricks. He is still counterfeiting $100 items, but now it's US $100 bills, not casino chips, which is a far more serious crime than counterfeiting chips. He was arrested last Friday at his Rhode Island home and charged with possessing equipment for manufacturing phony $100 bills and actually manufacturing them. According to reports, Louie had been under surveillance for several months and his telephone conversations were recorded.

During one of those conversations, Louie purportedly said that if he were arrested he would claim he was working as a counterfeit-bill detection specialist LOL. He also purportedly said that he had developed technology that could replicate US currency security features including how genuine bills react to UV light.

Louie, who was already serving 7 years of a suspended sentence for possessing more than 5 kilos of marijuana, could be looking at some serious time if convicted on these new charges.

In fact, the next thing he may be counterfeiting is "Get out of jail free" cards.