Cory Zeidman Pleads Guilty to Sports Betting Fraud Scheme

Former WSOP bracelet winner Cory Zeidman has admitted guilt in connection to a $25 million sports betting fraud scheme. The 64-year-old poker pro, who was once celebrated in the poker community, has now become a cautionary tale of deception and greed. His involvement in this large-scale operation exploited vulnerable individuals seeking insider tips on sporting events.

Details of the Fraud

Zeidman’s scheme, operational between 2004 and 2020, revolved around fraudulent claims of having “privileged” information on sports outcomes. These false promises, primarily advertised via radio commercials, lured victims by guaranteeing substantial returns on their investments. However, most of these so-called insider tips were fabricated or drawn from publicly available information.

Clients paid hefty fees under the impression that they were engaging in secure betting opportunities. Instead, they were systematically defrauded, with the operation generating millions of dollars for Zeidman and his associates.

The Investigation and Guilty Plea

In May 2022, Zeidman’s fraudulent activities came to light when he was arrested. Initially maintaining his innocence, he even quoted Friedrich Nietzsche, portraying himself as a victim of overzealous authorities. Despite his declarations of moral integrity, mounting evidence led him to plead guilty in October 2024 to charges of conspiracy and wire fraud.

The plea was entered in the United States District Court for the Eastern District of New York, marking a significant shift in his defense strategy. His legal team acknowledged the overwhelming evidence against him, leaving no viable alternative.

Sentencing and Fallout

While sentencing has yet to be finalized, Zeidman faces a potential 20-year prison term and restitution payments amounting to $3.6 million. His arrest and subsequent plea have not only tarnished his reputation in the poker world but also ended his career as a respected player. He has since refrained from participating in live tournaments, though reports suggest he continues to play in smaller cash games in Florida.

Zeidman’s case underscores the dangers of greed and deceit, even in a community as tight-knit as the poker world. His fall from grace serves as a reminder of the importance of ethical conduct both at and away from the tables.

For more updates on this case and other poker-related news, stay tuned to PokerNews.

FAQ

Does Global Poker give free SC?

Claim your Offer: Your Free Sweeps Coins (Gold Sweeps Coins and Sweeps Coins) is credited when you purchase your first coin bundle. While you don’t have to do this to play on the site, most Global Poker Free Sweeps Coins offers are based around giving you a discount if you decide to purchase Sweeps Coins.

What are some famous roulette scandals and controversies throughout history?

What are some famous roulette scandals and controversies throughout history? 1. The Eudaemons – In the 1970s, a group of physics students at the University of California Santa Cruz used a computer to predict the outcomes of roulette games in Nevada casinos. They called themselves “The Eudaemons” and made significant profits before their operation was shut down. 2. The Ritz-Carlton Scandal – In 2004, a team of Eastern European gamblers used a laser scanner and a computer to predict where the ball would land on the roulette wheel at the Ritz-Carlton casino in London.

What is the bonus code for Global Poker 2024?

What is the best Global Poker promo code in September 2024? FLUSH. Using this promo code when you sign up for a Global Poker account and then make your first purchase will unlock a huge discount. You will get 150,000 Gold Coins for only $10.6 days ago

What is the Global Poker code for 2024?

What is the best Global Poker promo code in August 2024? FLUSH. Using this promo code when you sign up for a Global Poker account and then make your first purchase will unlock a huge discount. You will get 150,000 Gold Coins for only $10.

Can I Play WPT Global in the UK?

Can I Play WPT Global in the UK? Unfortunately, if you are in the United Kingdom, you cannot play on WPT Global. The platform does not offer its services in the UK, as well as in other regulated markets such as Southern Europe, including France, Spain, Italy, and Portugal. However, you might consider downloading the online poker app from the App Store to see if it works for you. Please proceed with caution, as access may still be restricted.