Instead of the regular casino bonuses or comps, this man tried something different. His name is Louis B. Colavecchio, also known as “The Coin”, 64 year old Colavecchio is a well known organized crime associate. He researched means and ways of producing similar counterfeits of various slot machine coins in various casinos.
The tokens he and his gang created ranged from $5 all the way up to $100. Some of the casinos he victimized were Foxwoods and Mohegan Sun, both located in Connecticut. However he also forged coins at places such as the world famous Trump Marina Casino, the Trump Plaza Casino, Atlantic City Hilton, Taj Mahal Resort, Sands Casino and Caesar’s Palace Casino.
To forge the coins, Colavecchio took the coins from the aforementioned casinos and would then make rubber molds where the coins will be duplicated after certain chemical procedures took place. To complete this, he utilized the services of chemists who determined what the original coins were made of. He would then distribute the counterfeit tokens to other associates who would also earn from it. The downfall came when the casinos observed a surplus of coins from their slot mahcines, which then led to suspicion.
The cases were reported to the FBI went and the agency on an operation to trap Colavecchio and his gang. The operation ended in a success which led to the capture of “The Coin” Colavecchio, after raiding his home. The 64 year old suspect faces various charges which include 10 counts of forgery, counterfeiting and of course, alteration of trademark. However, he was released after paying $25, 000 worth of surety bond. A Providence district court granted him temporary freedom after he appeared in court.
