Louie "The Coin" Colavecchio Charged With Printing Counterfeit $100 Bills by Feds

GoLocalProv News Team

Louie "The Coin" Colavecchio Charged With Printing Counterfeit $100 Bills by Feds

He is at it again. Louie "The Coin" Colavecchio who has previously been convicted and incarcerated for producing counterfeit casino coins was arrested at his Pawtucket home on Friday on charges that he allegedly possessed equipment used to print counterfeit U.S. currency and that he manufactured counterfeit $100 bills. 

Colavecchio, 76, of Pawtucket is being charged with intent to defraud by falsely making or forging obligations or other securities of the United States; intent to defraud, pass, publish or sell counterfeit U.S. currency; and selling, buying or transferring counterfeit U.S. currency.

Colavecchio was released on $10,000 unsecured bond following his appearance on Friday before U.S. District Court Magistrate Judge Lincoln Almond.

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The Investigation

According to Court documents, Coventry Police developed information relating to Colavecchio’s alleged counterfeiting activity. Between June and November 2018, it is alleged that Colavecchio had numerous recorded telephone conversations monitored by law enforcement in which he discussed plans to manufacture counterfeit currency. He also spoke of technology he said he developed which replicates security features of U.S. currency, including how genuine currency reacts to UV light.

It is alleged that Colavecchio repeatedly insisted that the counterfeit currency he produced not be passed in Rhode Island. In one conversation monitored by law enforcement, Colavecchio allegedly stated that, if arrested, his “defense” would be that he was working as a counterfeit detection specialist.

According to court records, Colavecchio was convicted in U.S. District Court in New Jersey in October 1997, and sentenced to 27 months in federal prison for manufacturing counterfeit casino coins. He was convicted on charges of conspiracy to defraud the United States and scheme to defraud: counterfeit securities.

At the time of his arrest on Friday, Colavecchio was serving a Rhode Island state court 7 years suspended sentence with probation for possessing 5 kilograms or more of marijuana. He was convicted in Rhode Island State court and sentenced in January 2015.


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