Louis “The Coin” Colavecchio number 5 of Gamblers who Hustled a Casino
At number 6 of gamblers that hustled a casino we give you Louis”the Coin” Colavecchio. This man was an American casino fraudster and counterfeiter, thats also why he´s called “the Coin”. Louis led a gang which fabricated slot coins as late as 1998.
How did Louis Colavecchio pull of his scam
Its said that Louis Colavecchio could counterfeit almost anything made out of metals or stones. The slot coins that Colavecchio duplicated were precisely the same as the real coins in every single way.
Colavecchios coins were so good that even when the FBI later showed some coins for the security experts at one casino that had been hit they didn´t believe that they were counterfeit.
He pulled of this scam by using a specialized equipment as laser cutting tools to cut and shape and a 150-ton press from Italy
He hustled many Las Vegas Casinos before the FBI got track of him as many counterfeited coins showed up outside of the casinos and Colavecchio cashed in suspiciously large sums of coins.
It was impossible to determine the amount of money that Colavecchio got his hands on since many of the Las Vegas Casinos didn´t want to admit that they had been cheated.
The estimated range is from 100.000 $ to 500.000 $.
Investigators even borrowed microscopes from local high schools to inspect the coins from all the slots Colavecchio had hit. It took them weeks just to determine that Colavecchio hit one slot for about 2.000 $.
Legal Actions agains Louis Colavecchio
When the FBI, Secret Service and other cops stormed Colavecchios house in late 1996 they found counterfeited coins that could fill two storage facilities. They found counterfeited slot coins from dozens of casinos in America.
In his car they found 750 pounds of counterfeit coins, a fake police ID, a handgun, maps of casinos and various casino documents. As you can read “The Coin” had no intention to slow down.
In 1998 he was sentenced to 7 years in prison and was released in 2006. He got re-arrested after just a few months when the FBI noticed that he had resumed his activities.
Then a plea deal was reached because he promised to tell the FBI exactly how he has done his counterfeiting in order to prevent these operations in the future.
Later his counterfeiting equipment was auctioned and his scam became subject of a documentary series called Breaking Vegas.
Written by: niklas
- Online Casino Software Developer Caught Rigging Casino Games Posted on: January 17, 2013
This is a major casino news spreading through the online gaming community. This sensational news is about GTech a subsidiary to Lottomatica that was caught rigging two online casino games. The games that was rigged are Reel Deal and Hi/Lo Gambler. These two casino games used a recoded code by GTech, and were then distributed [...]
- Edward Thorp number 2 of Gamblers who Hustled a Casino Posted on: October 21, 2012
We are down to our Runner up on our list of Casino Players that manage to win a lot of cash using different techniques. The man we have put on the second place on our list was gifted with the skill to Count Cards. He started to count cards already in the early 60s. He [...]