A coin, jewelry, and precious metals dealer from Bay City, Michigan, is accused of defrauding his customers out of hundreds of thousands of dollars and gambling on their behalf.
Matthew Joseph Burton, 52, was charged Monday with many counts of felony false pretenses for failing to follow purchase agreements with clients at his two businesses, Flying Eagle Coins in Bay City and Jack of All Trades in Mt. Pleasant.
On multiple occasions, Burton took cash from consumers in return for precious metals but failed to deliver the commodities. According to court papers, he also bet up to $5 million at the Soaring Eagle Casino in Mt. Pleasant.
Shortchange
Michigan state police began investigating Burton in January 2023, after he reportedly stole $127K from a client in return for precious metals. According to prosecutors, he subsequently departed the state for more than a year without completing his half of the agreement.
That same month, the Bay County Sheriff’s Office opened an inquiry after receiving a complaint from a 72-year-old man who had given Burton $20,000 for gold and silver. The guy received $9,665 in gold and silver, with the assurance that the remainder would be paid in silver.
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Months passed, and despite several attempts to reach Burton, the victim did not get his silver, authorities alleged.
According to court documents, the individual informed officers, “There is always an excuse.” “He said they were closed because he had COVID or something.” Matt is living rich on my expense, as seen by his Facebook posts from a suite at the Lions game.
When detectives discovered that Burton was a frequent visitor to the Soaring Eagle, they retrieved the history of his Player’s Club reward card, which made for intriguing reading.
Prolific gambler
It revealed that he had spent $5,188,046.04 on slot machines, cashing out $4,235,304.96 for a loss of about $1 million. On the day he collected the $20,000 from the 72-year-old victim, he pumped $33K into the machine.
He went to the casino every day but two in October 2023, with daily slot payments ranging from $5,000 to $100,000, according to police reports.
“A look at Matthew Burton’s Soaring Eagle Casino Player’s Card indicates that Matthew is gambling with the money from the pawn shop gold sales,” police found.
Several additional clients allege Burton owes them money ranging from $1.4K to $60K after giving them rejected checks, according to court filings.
The defendant is due to appear for preliminary hearings in Isabella and Bay County district courts on November 8 and 22, respectively. The most serious offense of false pretenses involving $100,000 or more carries a possible penalty of 20 years in jail.
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