Professional poker player and former sports betting tout Cory Zeidman pleaded guilty in federal court in New York on Wednesday to orchestrating a long-running sports handicapping fraud scheme that bilked clients out of millions.
Federal prosecutors accused Zeidman, a World Series of Poker bracelet winner, of deceiving customers into paying exorbitant fees for betting advice by falsely claiming access to insider information. The scheme led clients to drain their savings and retirement funds based on fabricated promises of low-risk betting opportunities.
Poker Champion Turned Conman
Zeidman, 61, a resident of Boca Raton, Florida, has earned nearly $700,000 in gross tournament winnings over a 25-year poker career. He secured his WSOP title in 2012 in the Seven-Card Stud event but was already infamous for slow-rolling Jennifer Harman during a dramatic 2005 WSOP main event hand.
The $25M Fraud
Between 2004 and 2020, Zeidman’s operation promised bettors access to exclusive information about player injuries, “corrupt referees,” and fixed games. Prosecutors revealed that these claims were entirely fabricated. The scam, which operated under fictitious names like “Gordon Howard Global” and “Ray Palmer Group,” advertised nationally to attract unsuspecting bettors.
Once clients reached out, they were assured that the organization had insider sources, such as doctors leaking player conditions and television executives revealing fixed outcomes. This positioned sports betting as a supposed “no-risk” opportunity.
Instead, Zeidman and his co-conspirators extracted approximately $25 million in fees for false or easily obtainable information sourced online.
Zeidman’s Denials
After his 2022 arrest, Zeidman initially maintained his innocence, even citing Friedrich Nietzsche in a PokerNews interview to argue his case.
However, victims of the scam painted a different picture, describing Zeidman as manipulative and unethical. Their complaints to Homeland Security ultimately led to his prosecution.
Zeidman pleaded guilty to conspiracy to commit mail and wire fraud, charges carrying a potential maximum sentence of 20 years in prison.
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