Published on: October 29, 2024, 07:23h.
Last updated on: October 29, 2024, 07:23h.
A dealer in Bay City, Mich., dealing in coins, jewelry, and precious metals, is facing allegations of defrauding customers of large sums of money and gambling with their funds.
Matthew Joseph Burton, age 52, has been charged with multiple felony counts of false pretenses due to his failure to uphold agreements with customers at his two establishments, Flying Eagle Coins in Bay City and Jack of All Trades in Mt. Pleasant.
On various occasions, Burton accepted upfront payments from customers for precious metals but did not deliver the promised goods. Simultaneously, he gambled over $5 million at the Soaring Eagle Casino in Mt. Pleasant, according to legal documents.
Deceptive Behavior
An investigation into Burton began in January 2023 when he allegedly took $127,000 from a customer for precious metals and then left the state without fulfilling the transaction for over a year, prosecutors allege.
During the same month, the Bay County Sheriff’s Office initiated an inquiry after a 72-year-old individual claimed he paid Burton $20,000 for gold and silver. The man only received $9,665 worth of gold and silver and a promise for the remaining balance in silver.
Despite multiple attempts to contact Burton, the victim did not receive the silver as promised over the following months, according to prosecutors.
There is always an excuse,” the man told police, as per court records. “He was saying they were closed because he had COVID or something … On Facebook, Matt is posting pictures in a suite at the Lions game, so he’s living large on my dime.”
Upon discovering Burton’s frequent visits to the Soaring Eagle, investigators obtained data from his Player’s Club reward card, revealing intriguing information.
Extensive Gambling Activity
The data displayed that Burton had wagered $5,188,046.04 on slot machines, cashing out $4,235,304.96 for a net loss of nearly $1 million. On the day he received $20,000 from the 72-year-old victim, he spent $33,000 on the slots.
In October 2023, Burton visited the casino every day except two, with daily slot contributions ranging from $5,000 to $100,000, according to police reports.
A look into Matthew Burton’s Soaring Eagle Casino Player’s Card suggests that Matthew is using the money from the pawn shop gold sales to gamble with,” authorities concluded.
Several other customers claim they are owed sums ranging from $1,400 to $60,000 by Burton, who issued them bouncing checks, as indicated in court records.
The defendant is set to appear for preliminary hearings in Isabella and Bay counties’ district courts on November 8 and November 22, respectively. The most severe charge of false pretenses of $100,000 or more carries a maximum sentence of 20 years in prison.