Michigan Coin Dealer Accused of Fraud and Misusing Customer Funds for Gambling

In Michigan, the financial scandal involving coin and jewelry merchant Matthew Joseph Burton has raised significant concerns among those who trust dealers in the precious metals market. At age 52, Burton stands accused of siphoning substantial amounts from his customers, primarily funds earmarked for the purchase of gold and silver. Unfortunately, the expected metals were never delivered, causing uproar among his clients. Police investigations indicate that Burton might have squandered these funds through high-stakes gambling at Soaring Eagle Casino in Mt. Pleasant. This case centers around Burton, who operates both Flying Eagle Coins in Bay City and Jack of All Trades in Mt. Pleasant, now facing serious fraud charges.

The probe into Burton began in 2023 following a complaint from a customer who claimed to have paid a staggering $127,000 for valuable metals that were never received. The escalating investigation unearthed a pattern: multiple clients had paid Burton substantial sums but did not receive the promised goods. The gravity of Burton’s gambling habits became apparent when authorities discovered his “Player’s Reward” card at Soaring Eagle Casino: his total expenditure on slot machines exceeded $5 million, with losses nearing $1 million. Notably, on the same day he received a $20,000 check from a 72-year-old client, Burton gambled away $33,000 at the casino tables.