Green’s Dictionary of Slang

educated adj.

[ironic use of SE]

1. (US) fraudulent, esp. of a card deck that has been fixed.

[US]R.E. Howard ‘Winner Take All’ Fight Stories July 🌐 Half a hour ashore, and cleaned along by of a land shark with a pair of educated dice.
[US]Lait & Mortimer USA Confidential 213: Out-of-town suckers are clipped with off-true wheels, educated dice and tougher odds than you buck in Las Vegas.
[US]A.S. Fleischman Venetian Blonde (2006) 155: I began to suspect that there was another educated broadsman at work.

2. clever but criminal.

[UK]R. Llewellyn None But the Lonely Heart 62: He gave the door a good old bash [...] and made old Ted swear proper educated.
[UK]G.F. Newman Sir, You Bastard 32: The acting DC was half-educated already.

3. used of one who is aware (prob. after an unfortunate experience) of confidence trickery, crooked carnival games, etc.

[US]W. Keyser ‘Carny Lingo’ in http://goodmagic.com 🌐 Educated — Knowledgeable. A mark who has been "with it" at some point in life is probably too 'educated' for the game.

SE in slang uses

In compounds

educated fool (n.)

1. (US black) an expert, a devotee.

[US]‘Digg Mee’ ‘Observation Post’ in N.Y. Age 2 Aug. 9/7: When it comes to jiving I’m an ‘eddicated’ fool [fool n. (3)].

2. (orig. US black) one who is academic but not very sophisticated or worldly-wise.

[US]N. Algren Walk on the Wild Side 202: Couldn’t read my name were it wrote a foot high on the side of a barn but I make more in a single day than some educated fools earn in a month.
[US]E. Bunker No Beast So Fierce 46: Man, he’s so square — one of those educated fools. Got book-learning up the ass, but doesn’t know a fuckin’ thing about life or people.
educated ignorant (n.)

(US black) one who is academic but not very sophisticated or worldly-wise.

T. Singh ‘Learned Ignorant’ on Gurbani.org 🌐 The educated ignorant lives by false concepts such as taking the Self as the physical body, believing that sense pleasures are the source of real happiness, thinking that material wealth (education, money, etc.) is the source of security in life, and so on.
educated pussy (n.) [pussy n. (11); the image is of one who is ‘not a real man’]

(US black) a weakling, an inadequate.

[US]R.D. Pharr S.R.O. 4: Or Black Panthers shooting at you because you are an educated pussy.