Cory Zeidman’s guilty plea uncovers a massive $25 million sports betting fraud that duped thousands.
At a Glance
- Cory Zeidman admitted to orchestrating a $25 million sports betting fraud.
- The scheme involved fake insider tips marketed through national radio ads.
- Zeidman faces up to 20 years in federal prison for conspiracy and wire fraud.
- Restitution of $3.7 million to victims has been mandated.
Zeidman’s Guilty Plea in a Multi-Million Dollar Scheme
Cory Zeidman, known in the poker community, has admitted guilt to orchestrating a $25 million sports betting fraud. The scheme, which operated between 2006 and 2020, preyed on bettors with promises of risk-free gambling through fabricated insider information. Alongside his partners, Zeidman employed convincing national radio advertisements, deceiving clients into paying hefty fees for these fictitious insights.
Zeidman was arrested in Florida on May 25, 2022, where he initially contested the charges. He had previously cited a quote from philosopher Friedrich Nietzsche to convey distrust of the state’s narrative. Despite this, in October, he reversed his stance, officially entering a guilty plea in New York’s Eastern District Court. Now, with sentencing pending, Zeidman faces up to two decades behind bars.
Poker pro Cory Zeidman, a former WSOP bracelet winner, has entered a plea of not guilty to fraud charges stemming from an alleged $25 million sports betting scheme. Background on the case: https://t.co/Dhs1WPh16h
— David Payne Purdum (@DavidPurdum) June 21, 2022
Deceptive Practices Exploited Vulnerable Bettors
Prosecutors revealed how Zeidman and his partners misled clients by claiming access to exclusive information, including nonpublic details about sports injuries, corrupt referees, and fixed games. They propagated these lies through organizations operating under aliases like Gordon Howard Global. He often drained victims’ savings and retirement funds, culminating in an estimated $25 million in feigned revenues.
“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,” Breon Peace, U.S. Attorney, said.
Prosecutor Breon Peace condemned Zeidman’s immoral syndicate that stole millions from unsuspecting clients. Additionally, the group’s manipulation went so far as to convince victims that they had ties with medical professionals from universities and major networks, further solidifying their deceitful play.
The Path to Restitution and Potential Penalties
Zeidman must now repay $3.7 million in restitution to his victims. Each day, those who were exploited continue to seek justice and accountability for their losses. While the poker world reels from this revelation, the United States Attorney’s Office for the Eastern District of New York stands firm in holding Zeidman and his co-defendants responsible.
“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.
Zeidman’s endgame is testimony to the importance of maintaining ethical standards in any industry, as truth and transparency remain unparalleled values. Victims are urged to contact Homeland Security Investigations to reclaim their costs and contribute to justice. As sentencing approaches, the public and zealous poker community anticipate the court’s final verdict on Zeidman’s future.
