Cory Zeidman, a world-famous poker professional and the 2021 WSOP bracelet winner, is facing a 20-year prison sentence after pleading guilty to running a 16-year-long sports betting scam that defrauded thousands of bettors
More specifically, Cory Zeidman and his associates promoted their betting services via national radio ads, enticing thousands of clients by promising exclusive betting insights.
The accused promised access to “insider information” that would allegedly give players a winning edge, convincing them that they had exclusive access to details such as biased referees, fixed matches, and player injuries.
In order to maintain credibility, the group convinced bettors to have connections with industry professionals, college insiders, and the doctors of the athletes.
The organization consistently presented itself as a reputable betting consultancy agency, and one of the ways that it managed to pull this off for nearly two decades is by operating under many aliases such as the Ray Palmer Group and Gordon Howard Global.
Consequently, despite paying thousands to obtain such “exclusive information”, clients ended up with empty hands, while Cory Zeidman and his organization profited by netting more than $25 million.
Cory Zeidman admitted to being a part of this elaborate and illegal scheme and pleaded guilty to the charges of conspiracy to commit mail and wire fraud, plus additional money laundering charges.
Breon Peace, the US Attorney for the Eastern District of New York, stated that Zeidman is now facing a maximum sentence of 20 years plus the forfeiture and restitution of $3.6 million.
Furthermore, US Attorney Peace warned that Zeidman’s guilty plea is a strong message to “all those who would prey upon the public” by luring them with the promise of a legitimate “investment opportunity”.
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.
William Walker, HSI New York Special Agent in Charge, underlined the importance of transparency and, as such, urged the victims scammed by Zeidman and his group to come forward and contact Homeland Security Investigations.
Daniel Brubaker, USPIS Inspector in Charge, vowed to proceed with investigating everyone who violates federal laws for personal gain, with NCPD Commissioner Patrick Ryder echoing this sentiment, and stressing the necessity to hold all similar cases accountable in order to deter similar scams in the future.
