A coin dealer scammed buyers out of thousands at a Florida flea market, deputies say
A coin dealer at a popular Bradenton flea market has been arrested after investigators say he scammed customers out of nearly $300,000.
Seth Felipe Lutz, 63, faces multiple grand theft charges after customers at the Red Barn Flea Market reported paying him thousands of dollars for gold and silver that he never delivered, according to Manatee County court records.
Arrest records show at least three customers in Manatee County allege Lutz scammed them out of nearly $65,000 combined in 2024.
Detectives say this isn’t the first time Lutz has been accused of defrauding customers. He previously served prison time for similar crimes in Pinellas County, where investigators say he scammed dozens of coin buyers out of more than $220,000 over five years.
An attorney representing Lutz did not immediately respond to the Herald’s request for comment.
The Manatee County Sheriff’s Office says Lutz, operating under the alias “Steve,” took payments upfront at a booth called “Steve’s Best Coins” at the Red Barn Flea Market, 1707 First St., Bradenton, but failed to provide the promised products. Customers told detectives Lutz would string them along with excuses about delays before he stopped responding.
Coin dealer scammed Bradenton buyers, deputies say
In one case, a customer told investigators they paid a nearly $25,000 deposit for a set of gold coins in January 2024. The customer said they received a receipt but never got the coins.
When the customer followed up, Lutz allegedly made repeated excuses and offered partial reimbursements, but would not fulfill the customer’s demand for a full refund. Lutz later told detectives during an interview that he never had the coins in stock and could not fulfill the order or return the money, according to an arrest report.
Around seven months later, another customer said they paid Lutz $29,000 for more than 1,000 pure silver bars that were supposed to be delivered within three weeks. When the deadline passed, the customer said they contacted Lutz, who told them he was in the hospital and having issues receiving the product.
When that customer contacted Lutz’s son, whose name was also listed on the business card, he told them his father was in prison on grand theft charges, according to an arrest report.
Lutz’s most recent criminal charges stem from an incident in May 2024 when a third customer said they also paid for silver bars. According to an arrest affidavit, the man paid nearly $1,000 for three silver bars after Lutz told them he had them in stock and promised immediate delivery.
The customer told investigators he had previously purchased items from Lutz without issue, but this time the promised silver never arrived. After weeks of back-and-forth communication, investigators say Lutz once again said he never had the items in stock and couldn’t provide a refund.
During the investigation, detectives say they learned “Steve” of “Steve’s Best Coins” was actually Seth Lutz. When asked why he wrote the name “Steve” on all the receipts and used it for the business, he said it was because he “just liked the name Steve,” according to arrest records.
But detectives say he used the alias to hide his criminal past from customers.
“It is apparent that Lutz is attempting to keep his actual name private from buyers,” a detective wrote in an affidavit.
Detectives say Lutz previously ran a coin business called “Paradise Coins and Collectibles” in Pinellas County, where an investigation found he scammed 31 people out of $220,000 worth of gold and silver coins.
Court records show Lutz was arrested in 2017 on charges related to those scams and served over five years in prison before being released in September 2022.
Despite being on active probation through 2037, investigators say Lutz resumed similar fraudulent practices in Manatee County upon his release.
Deputies arrested Lutz on Dec. 26 and he remains at the Manatee County jail on $52,500 bond, according to the sheriff’s office website. According to court records, Lutz is facing three counts of grand theft and has pleaded not guilty to all charges.
