Coin dealer ran $220K scam in Pinellas, then $60K in Manatee. How much time would he get?
A Bradenton coin dealer accused of scamming thousands of customers at a popular local flea market will spend the next decade in prison.
A Manatee County judge sentenced Seth Felipe Lutz, 64, to 10 years in prison and an additional 10 years of probation after several grand theft cases alleged Lutz took money for gold and silver coins and bars that he never delivered, according to court records.
Deputies estimate Lutz defrauded his clients out of nearly $300,000 in several counties over the past several years, according to arrest reports, including about $60,000 reported by six clients in Manatee County.
Investigators with the Manatee County Sheriff’s Office said Lutz operated a stall at the Red Barn Flea Market, 1707 First St., Bradenton, under the name “Steve’s Best Coins,” where he accepted upfront payments for gold and silver coins and bars, but failed to deliver the promised items. Customers told investigators that Lutz issued receipts, blamed the delays on supply issues and then stopped responding altogether, according to an arrest report.
Lutz pleaded no contest to five separate felony theft cases in Manatee County. They included two second-degree major theft charges involving tens of thousands of dollars and three third-degree major theft charges related to smaller transactions, according to court records. Prosecutors also dropped a separate third-degree theft case earlier this year.
An attorney representing Lutz did not immediately respond to The Bradenton Herald’s request for comment.
In one case, a customer told detectives he paid nearly $25,000 bail in January 2024 for a set of gold coins that never arrived. The buyer said Lutz offered repeated apologies and partial refunds, but refused to provide a full refund.
During an interview, Lutz later admitted to investigators that he never had the parts in stock and could not fulfill the order or return the money, according to an arrest report.
About seven months later, another customer reported paying Lutz $29,000 for more than 1,000 pure silver bars that were to be delivered within three weeks. After the deadline passed, the buyer said Lutz claimed he was hospitalized and had difficulty receiving the product. When the customer contacted Lutz’s son, whose name was on the business card, the son said his father was in jail on a robbery charge, according to an arrest report.
Another Manatee County case involved a May 2024 transaction in which a customer said he paid nearly $1,000 for three silver bars after Lutz claimed he had them in stock and promised immediate delivery, according to the report. The buyer said he had dealt with Lutz before without problems, but the money never arrived. Lutz later told investigators he did not have the items and could not issue a refund.
Seller hid his real name from buyers, deputies say
During the investigation, detectives said they learned that the man identifying himself as “Steve” was actually Seth Lutz. When asked why he used that name on receipts and business documents, Lutz responded that he “just liked the name Steve.” Detectives said the alias was used to conceal his criminal past.
“It is apparent that Lutz is attempting to hide his real name from buyers,” a detective wrote in an arrest report.
An arrest report shows Lutz previously ran a business called “Paradise Coins and Collectibles” in Pinellas County, where investigators said he scammed 31 buyers out of more than $220,000 worth of gold and silver coins over a five-year period. He was arrested in 2017, served more than five years in prison and was released in September 2022, according to court records.
Although he was on active probation until 2037, investigators said Lutz resumed similar fraudulent practices in Manatee County shortly after his release.
Deputies arrested Lutz in December 2024, according to court records. He initially pleaded not guilty before resolving all five Manatee County cases with no contest pleas. Circuit Judge Matt Whyte sentenced Lutz on September 3.
