This man decided to try something new as he didn’t feel comfortable with the regular winnings at the casino. He was very successful for a time. Louis B. Colavecchio (64 years old), is well-known as “The Coin” and associated with organized crime. He searched for ways to produce similar counterfeits of different slot machine coins in different casinos. His gang made tokens from $5 up to $100.
Foxwoods and Mohegan Sun were two of his victims. Both casinos are located in central Connecticut. He also forged coins at casinos such as Trump Marina Casino and Atlantic City Hilton.
Colavecchio used the coins taken from the casinos to create rubber molds to allow the coins to be replicated using specific chemical processes. Colavecchio enlisted the help of expert chemists to complete the complex task. First, they had to determine the origin of the coins, which was a difficult task. This had a significant impact on the operation of counterfeit coins. Next, Colavecchio distributed the fake tokens to well-known associates, who would use the coins in casinos.
The casino gets a bonus not just for the players but also for the coins. This surplus of coins from the casino’s slot machines raised suspicions that there was something wrong. Colavecchio’s gang was caught and he was immediately reported to the FBI. The operation was a success and led to the capture of “The Coin” Colavecchio.
The 64-year-old suspect is facing various charges, including ten counts each of forgery, counterfeiting, and alteration of the casino trademark. Colavecchio was released following payment of $25,000. After Colavecchio appeared in court, a Providence district court granted him temporary liberty.
This would not be possible at an online casino so forgers would need to stick with land-based casinos. However, keep in mind the FBI security cameras and FBI. They will eventually catch you.