Roy,

Yes, it happens all the time. I've even heard of people with fantasy chips preying on unsuspecting tourists at the airport in Las Vegas. They tell them that their plane leaves soon and they just realized they had these $100 chips in their pocket and won't be able to cash them in before they leave. They offer to sell them at a steep discount, that way they at least get part of their money back. The tourist sees a quick way to get some easy money and buys the chips.

Greg