Coin Dealer Allegedly Stole from Customers to Fund Slot Gambling Habit
A 52-year-old coin and jewelry dealer from Michigan, Matthew Joseph Burton, is facing accusations of serious fraud-related offenses.
Michigan coin dealer allegedly stole from clients to fund gambling habit.
LISTEN TO THIS ARTICLE:Burton, the owner of Flying Eagle Coins in Bay City and Jack of All Trades in Mt. Pleasant, allegedly defrauded clients by accepting funds, saying they would be used for gold and silver purchases but failing to deliver the precious metals. Instead, authorities claim Burton used the funds to play the slot machines at Soaring Eagle Casino in Mt. Pleasant.
Related: California Lawyer Arrested After Client Fund Gambling and Faked Cancer
Investigated After Client Complains of $127,000 Theft
The investigation began in 2023 following a complaint from a client who reported paying Burton $127,000 for gold and silver that he never received. According to police, Burton promptly left Michigan after receiving the payment, and further investigation revealed additional customers with similar experiences. Many clients alleged that, after paying Burton, he failed to fulfil his promises or deliver the products they had paid for.
Burton’s gambling habits were soon being investigated. Records from his “Player’s Reward” card at Soaring Eagle Casino indicate he has wagered over $5 million on slot machines, with losses nearing $1 million.
In one instance, police allege Burton received a $20,000 check from a 72-year-old client and, later that day, spent $33,000 at the casino. Casino records further reveal that in October 2023, Burton was betting between $5,000 and $100,000 nearly every day, leading authorities to believe he used funds from his clients to sustain his gambling addiction.
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Clients Report Bounced Checks
More clients have come forward, alleging that Burton issued checks that ultimately bounced. Several customers reported losses ranging from $1,400 to $60,000. One individual recounted receiving a $60,000 check from Burton that bounced after Burton reassured him the delay was temporary.
Currently, Burton is held in Isabella County Jail, with initial court appearances scheduled for early November in both Isabella and Bay counties. He faces multiple charges, including one count of false pretences over $100,000, which carries a potential 20-year prison term if convicted, as well as additional charges related to false pretences across varying amounts.
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