How did the embezzler lose the ten million dollars?

Blackjack? If he was such a good doer why did he take every last penny the school had leaving them so destitute they couldn't even play Chinese checkers anymore? Why? I guess we have to assume they had to sell their used board games at a rummage sale.
The fake quarters are completely traceable and it would be easy to prove they're a hoax. They might have some kind of value on the black market because they are stolen and it would be illegal to even be in possession of them, but thinking they are worth five thousand dollars each and they can just go cash them in is absolutely ridiculous.