Doesn't Mike know the private key to all casascius coins he produced?
His statement of controls says that he doesn't, we take his word for it.
Is it possible that he kept a copy of all private keys? Sure, but as he explains on his website: He can easily be held legally accountable. Whether the current legal system will do anything? I don't know, but he didn't make it very easy for himself to hide if he misbehaves.