Red Gold Thief Spent Over $24 Million In Ill-Gotten Cash At Casino - Gold Prices, Silver Prices

Dec. 21, 2012 - PRLog -- A Janesville man charged with stealing more than $2 million of copper piping from his employer may have utilized cash from selling the pipe to feed a gambling issue that led him to plug $24 million into slot machines at Ho Chunk Gaming Casino over the last six years.

Steven R. Stoikes, 43, of 4012 Ingram Drive, Janesville, was $3.2 million in the hole at Ho Chunk when a Rock County Sheriff's Office detective began investigating the situation in July, according to the criminal complaint. How high will silver go? Learn more >>  http://www.silverpricestoday.cc/KITCO-SILVER/

Stoikes is charged with 5 counts of felony theft from his past employer, Butters-Fetting, 2627 E. Delavan Drive, Janesville.

In the courtroom Wednesday, assistant public defender Walter Isaacson stated Stoikes has been staying at Wisconsin Veterans Home at King, a long-term care facility near Waupaca. Stoikes had attempted suicide previously.

Next month, Judge James Daley will determine whether or not to order a competency examination to figure out whether or not Stoikes is in a position to stand trial. Stoikes is free on a $2,500 signature bond, based on online court documents.

Stoikes worked as a general supervisor at Butters-Fetting at 2627 County O in the town of La Prairie. Butters-Fetting is a mechanical contracting business. Stoikes was in charge of ordering supplies for tasks, according to the criminal complaint. He was terminated from work July 16, based on the complaint. Rare Coins, Silver Coins, Gold Coins, Learn more >> http://www.silverpricestoday.cc/GOLD-COINS/

Business officials called sheriff's office investigators in July once they realized they had been losing cash on jobs on which Stoikes was working. An audit uncovered Stoikes was ordering copper pipe for 5 jobs that did not need it or that did not exist, according to the complaint.

Alter Metal Recycling in Janesville had receipts displaying payment to Stoikes of $965,203 for copper. That was the scrap worth of the copper. The actual worth was in between $2 million and $3 million, an Alter account representative told police. Stoikes had been selling copper to Alter for more than seven years, she stated. In between July 2010 and July 2012, Stoikes sold 299,493 pounds of copper to Alter, based on the complaint.

Stoikes was purchasing copper pipe that was thicker than the contractor generally uses and for projects that did not need it. He bought copper in 10-foot lengths, which Butters-Fetting does not use, as outlined by the complaint.

He purchased the copper from Ferguson Supply in Loves Park, Ill. Even though the supply business offered to deliver the pipe to job sites, Stoikes declined, a sales associate stated. Stoikes told the sales assistant he picked it up himself because he did not trust some of his workers, as outlined by the complaint.

Stoikes had gone to Ho Chunk Gaming Casino 514 times since October 2006, according to the criminal complaint. He wagered or spent winnings totaling $24.27 million. He was paid $21.05 million, based on Ho Chunk records.

A Ho Chunk security supervisor stated he has assisted with in between 50 and 75 investigations in the 19 years he has worked for Ho Chunk. The cash Stoikes spent will be the highest dollar amount the security agent had ever seen, based on the complaint. Keep your eyes on your red gold, lest thieves might take it! How high will silver go? Learn more >>  http://silverpricestoday.cc/KITCO-SILVER/