The last 25-30 years have seen explosive growth in technology and, as you might expect, those advances have made their way into the criminal world, too. They’ve made it possible to produce counterfeit bills that are nearly undetectable by eye, to mimic security features, and to move bogus cash around the world in ways unavailable to their predecessors.

Here’s a look at one high-tech scoundrel whose brief career as a counterfeiter ranks among the largest busts in Secret Service history. And it ended with a teenage girl with an obsessive habit of tearing the corners off currency.

The Dreamer

Wayne Dennis was a smart, ambitious kid who didn’t like being told what to do. After he was expelled from high school for fighting he joined the Navy as a jet engine mechanic. But he learned a 9-5 routine didn’t suit him and wouldn’t lead to the life of luxury and leisure he sought. After his honorable discharge he traveled through California, Arizona, and Nevada, panning for gold and hoping to strike it rich.

When that didn’t pan out, he tried his hand at several businesses including writing books on health and nutrition, one of his personal passions. He also tinkered with inventions, most of them impractical. Then, on a trip to Arizona, Dennis was arrested and convicted for breaking into a motor home and stealing jewelry and a camera.

After six months in jail, he moved back to his hometown of Las Vegas and worked as a valet while designing and selling custom-made furniture on the side.

Florida Calls

In 1990, Dennis moved to Florida where an uncle ran a successful dry cleaning business. His uncle offered him space in one of his warehouses to set up his furniture business again. But Wayne had other ideas. He had invented a childproof lock to keep kids from getting injured by VCRs. He teamed up with another young inventor named David Spiller who designed a remote control holder and they tried to market their products together. But by late 1991, the two men realized their products were going nowhere.

The Birth of a Counterfeiter

Dennis was a fan of “To Live and Die in LA,” a movie that revolved around counterfeiting. He told Spiller he could make convincing counterfeits, but it would take a substantial involvement in equipment and money he didn’t have. Spiller agreed to finance the operation.

After considerable experimentation, Dennis found a formula he thought would work. Within six months he had it down. He printed $12 million in counterfeit $20 bills and split the money with Spiller. Dennis also gave half of his half to his cousin Joey, who had been his closest companion since Wayne had moved to Florida and occasionally helped with the counterfeiting. Joey buried his share in an ammo box behind his dad’s cleaning business.

Cashing In

While hanging with Joey at a health club, Wayne met Alexia Lopez, a former stripper from Argentina who was attending a nearby college and they became an item. After spreading some of the bills across the country to keep the law off his trail, the two set out for Las Vegas with $100,000 of the counterfeit bills, figuring that in the hustle and bustle of the casinos no one would pay much attention to small bills like twenties.

They tested a few bills at fast-food places where they were accepted without question. Then ready for the big score, Wayne and Alexia hit the casinos, passing over $1,000 in counterfeits successfully in two days.

Tripped Up by a Kid

The next day, Wayne and Alexia took a break to play some arcade games at Circus Circus and let off some tension. When Wayne went to the cashier’s cage to buy tokens, a young girl who had a habit of tearing off the corners of bills noticed something fishy about a twenty he gave her. The tear exposed pure white paper in the bill’s core. Real bills are colored in all layers. After Wayne left the cage, she notified casino security.

Caught red-handed, Dennis told police and Secret Service agents that he had found a suitcase full of money in Miami. He said he thought it was real and came to Las Vegas with his girlfriend to celebrate. He even told the cops he had more money in his hotel room, hoping that would convince them he was sincere.

But he forgot one thing. He had brought along the log book and ledger he had kept for Spiller detailing all their activities.

Spilling the Beans

Realizing he was caught, Dennis confessed and told the agents where they could find the rest of the money. He claimed Alexia knew nothing about the counterfeiting, but she was eventually charged with passing counterfeit money and sentenced to 6 months house arrest. His original 5½-year sentence was reduced to four years because of his cooperation.

David Spiller chose a jury trial and was sentenced to seven years for his role in financing the operation. Two years later after a family dispute, Dennis implicated his cousin Joey, who was convicted by a jury and sentenced to 3½ years in prison.

After the Fall

During his stay in prison Dennis wrote a memoir of his time as a counterfeiter and his lessons learned. Titled The Counterfeit Millionaire, it became a best-seller.

Wayne Dennis has since become a minor celebrity, giving interviews, lecturing, and using some of his honest money to advocate for healthy lifestyles for underprivileged children.

We’ll continue our series on Notorious Counterfeiters in the coming weeks. And we’ll follow with how collecting counterfeit money has become a specialty of its own.