PROVIDENCE, R.I. (WPRI) — A Cranston man who previously did time for counterfeiting will once again serve a prison sentence for making fake bills.
A judge sentenced Louis Colavecchio, 77, known as “The Coin,” to a year and three months in federal prison for counterfeiting $100 bills.
He pleaded guilty on March 19 to charges of intent to defraud and possessing counterfeiting obligations, according to the office of U.S. Attorney Aaron Weisman for the district of Rhode Island.
For six months, the U.S. Secret Service investigated Colavecchio with undercover agents and ended up seizing $29,000 in fake hundreds from his home, along with a mechanical printing press, images of $100 bills, a computer and other materials commonly used in counterfeiting schemes.
According to court documents, Colavecchio had told others he would try to cover up his fresh crimes by saying he was working as a “counterfeit deterrence specialist.”
They arrested him on December 7, 2018.
Colavecchio was previously convicted in 1997, serving two years and three months prison, for targeting Foxwoods and Atlantic City casinos and counterfeiting their casino tokens.
He’s also been convicted of the following: larceny, obtaining money under false pretenses (He stole $100,000 from his 92-year-old aunt), resisting arrest and cultivating kilograms of marijuana.
Weisman’s office also noted the convict has published an autobiography outlining his life of crime, including interactions with the Patriarca crime family.
Colavecchio reportedly got his nickname, “The Coin,” by running an operation counterfeiting slugs used in slot machines and has been banned from every casino in the country.