Ex-poker champion Cory Zeidman arrested for alleged $25 million sports betting fraud
When you tilt, a bad beat usually follows.
Professional poker player Cory Zeidman was arrested Wednesday for his alleged role in a $25 million sports betting scam.
Zeidman, 61, ran the scheme from Nassau County, Long Island and Boca Raton, Fla. between 2004 and 2020, according to the Justice Department.
He now faces federal charges of conspiracy to commit wire fraud and mail fraud, and conspiracy to commit money laundering in United States District Court for the Eastern District of New York.
Jail time could be in the cards for Cory Zeidman. (Shutterstock/)
Zeidman is also a professional poker player who won the $1,500 Seven Card Stud Hi-Lo 8 or Better tournament at the 43rd Annual World Series of Poker in 2012, according to ESPN.
According to the two-count indictment against Zeidman, he and his accomplices— or possibly aliases used by Zeidman — claimed to have inside information to offer gamblers. The scheme called for radio ads being bought in certain markets which invited sports bettors to call the organization, sometimes called “Gordon Howard Global” and “Ray Palmer Group.” They said they could provide information about fix games and injured athletes they’d gathered in exchange for a fee.
“As alleged, Zeidman preyed on individuals who were led to believe he had inside information that would lead them to easy money,” Homeland Security Investigations New York acting special agent in charge Ricky J. Patel, said in a statement.. “In reality, he was selling nothing but lies and misinformation — bilking millions from victims along the way, leaving their lives in financial ruin and their bank accounts empty.”
The money rolled in, according to United States attorney Breon Peace, and was spent on lavish vacations, a multi-million dollar home and entrance into high-stakes poker tournaments.
“Today’s indictment serves as a reminder to all of us to be wary of so-called investment opportunities that purport to have inside information, as they are really a gamble not worth taking,” Peace said.
