World Series of Poker bracelet winner Cory Zeidman pleaded guilty this week to charges related to a widespread scheme to defraud people out of money claiming he could help them win at sports betting.
Zeidman pleaded guilty to conspiracy to commit mail and wire fraud. He faces up to 20 years in prison and will forfeit $3.6 million in ill-gotten gains.
According to a release from the Department of Justice Eastern District of New York, Zeidman was the man in charge of a scheme where the group placed national ads claiming they had insider information, including corrupt sporting officials, that could ensure bettors would be on the winning side of action. Zeidman and company would charge high fees for this “insider information” that was in fact false or based purely on easily obtainable information on the internet.
“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 from their savings and retirement accounts,” stated United States Attorney Breon Peace. “Today’s guilty plea sends a message to all those who would prey upon the public by falsely advertising gambling as an ‘investment opportunity’: the only sure bet here is that this Office will work tirelessly to root out sources of disinformation and fraud and prosecute them to the fullest extent of the law.”
“Sports bettors sought Corey 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,” added HSI New York Special Agent in Charge William S. Walker. “Today, HSI New York and our law enforcement partners brought Zeidman’s racket to an end. The public deserves to know the truth concerning where their money is going, and HSI is committed to working with our partners to protect the community wherever and whenever possible from illicit schemes.”
Zeidman was first arrested on charges related to the scam in 2022. He is said to have reaped tens of millions of dollars from the endeavor.
