Burton took large sums from his clients, funds they had entrusted to him for purchasing gold and silver
In Michigan, coin and jewelry merchant Matthew Joseph Burton, age 52, stands accused of several serious crimes.
Coin Shop Owner Accused of Defrauding Clients to Fuel $5M Slot Machine Habit
Burton stole hefty amounts from his patrons, money they had given him to buy gold and silver. He did not give them the metals they paid for. The police suggest he burnt through this cash by playing the slots with a lot of money on the line at Soaring Eagle Casino in Mt. Pleasant. Burton runs Flying Eagle Coins over in Bay City and Jack of All Trades in Mt. Pleasant.
In 2023, a customer’s complaint kicked off the probe into Burton. The customer claimed to have paid $127,000 for valuable metals to Burton. The police say right after that, he left Michigan without doing what he had promised. Digging deeper, they found more customers who mentioned they paid Burton, yet he never came through with the promised transactions.
Burton’s betting habits have caught some attention. His “Player’s Reward” card check at Soaring Eagle Casino showed he has plunked down over $5 million on slot machines, with his losses hitting close to $1 million. The police say the same day he got a $20,000 check from an elderly 72-year-old client, Burton blew through $33,000 at the casino’s tables.
According to records, in October 2023, he visited the casino and placed bets from $5,000 to a whopping $100,000 pretty much each day. The authorities think that Burton funneled cash he snagged from his customers straight into his gambling.
Customers Say Coin Dealer Left Them with Bounced Checks
Other customers are stepping up saying Burton gave them bad checks that bounced later on. Some customers allege that they are owed between $1,400 and $60,000, and one victim recounted receiving a bounced check for $60,000 after Burton assured him the funds were merely delayed.
Right now, Burton is detained in Isabella County Jail with legal proceedings set to kick off in early November, with hearings scheduled in both Isabella and Bay counties. The most severe charge against him, false pretenses for amounts over $100,000, could result in a 20-year prison sentence if he is convicted. Additional charges include multiple counts of false pretenses for various amounts, each carrying significant penalties.
As Burton awaits his court dates, his case highlights the risks posed to customers who rely on dealers in precious metals—a largely unregulated market where instances of fraud and embezzlement are not uncommon. The case has drawn significant interest due to the scope of alleged fraud and Burton’s high-stakes gambling practices, which prosecutors claim directly fueled his actions.
