Long Island poker player Cory Zeidman admits to a massive sports betting fraud scheme, leaving many curious about his next move.
At a Glance
- Cory Zeidman pleaded guilty to a $25 million sports betting fraud.
- He falsely claimed to have insider sports information from 2006 to 2020.
- Zeidman faces up to 20 years imprisonment and $3.7 million restitution.
- The scam targeted unsuspecting victims nationwide with deceptive radio ads.
The Fraudulent Scheme
Cory Zeidman, a professional poker player from Long Island, pleaded guilty to conspiracy and wire fraud involving a $25 million sports betting scam. From 2006 to 2020, Zeidman led a scheme claiming access to insider sports information, portraying their betting predictions as risk-free. Zeidman and associates broadcast extensive radio advertisements nationwide, selling baseless betting advice. Zeidman was arrested in Florida, and transferred to the Eastern District of New York where he admitted his guilt.
Initially, Zeidman resisted pleading guilty and referencd philosopher Nietzsche in his defense. He later reversed his stand and acknowledged his fraudulent activities. He and his partners misled clients with promises of nonpublic information on injuries, referees, and game fixing to pocket millions. The fraudulent claims were fictitious or sourced online, with substantial funds swindled from victims’ savings and retirement accounts.
🚨PokerNews has learned that WSOP bracelet winner and longtime poker pro Cory Zeidman will plead guilty to money laundering/wire fraud charges related to a $25m sports betting scheme.
Details at the link below: 👇https://t.co/BIlGSwUMKJ
— PokerNews (@PokerNews) October 23, 2024
The Impact and Consequences
Zeidman, now settled in Florida, faces up to 20 years in federal prison, with sentencing pending. Alongside the looming prison sentence, he has agreed to pay $3.7 million in restitution to the defrauded victims. Zeidman had been released on bond since his arrest and has not participated in poker tournaments since 2022. The case, prosecuted by the U.S. Attorney’s Office for the Eastern District of New York, underscores the severe penalty for breaching consumer trust.
“Zeidman and his partners baited unsuspecting victims with false claims of an edge in sports betting only to feed them lies and pocket millions of dollars,” U.S. Attorney Breon Peace said in a press release.
Notably, Zeidman is remembered in poker circles for his slowroll in the 2005 World Series of Poker and winning a 2012 bracelet. Despite his past accolades, his reputation now bears the weight of this egregious misconduct. Victims of Zeidman’s fraudulent scheme are urged to contact Homeland Security Investigations to recover losses and hold Zeidman’s actions accountable in court.
Legacy and Lessons
Zeidman’s involvement in this extensive fraud calls for reflection on the integrity in high-stakes gambling environments. Such circumstances highlight crucial lessons about the risks of deceitful practices in sports betting and the enduring consequences for those who undermine consumer trust. As the legal processes unfold, the decisions and actions of Cory Zeidman remain under scrutinous regard, reminding everyone of the importance of honesty in all betting and professional environments.
“Sports bettors sought Cory Zeidman’s advice before gambling their money — but it was Zeidman himself who was scoring big through his deceptive practices, outright lies, and high-pressure tactics that exploited unsuspecting clients,” according to special agent Charles Walker of Homeland Security.
The sophisticated scheme spearheaded by Zeidman unravelled through diligent investigations, serving as a stern warning to others involved in illegal betting activities. As further insights into this case emerge, the broader implications for sports bettors and legal frameworks aimed at protecting consumers from fraudulent operations become ever more pertinent.
