Poker Professional Cory Zeidman Indicted for $25M Athletics Betting ‘Fraud Scheme’

Longtime experienced poker player Cory Zeidman has been indicted for allegedly functioning a sporting activities betting “fraud scheme” in which he defrauded victims out of thousands and thousands in excess of a 15-calendar year span.

An indictment in the United States District Court for the Jap District of New York unsealed on Wednesday, May possibly 25 rates Zeidman with “conspiracy to dedicate wire fraud, mail fraud and money laundering conspiracy in relationship with a sporting activities betting fraud scheme he operated from Lengthy Island and Florida.”

Zeidman, who gained a Planet Series of Poker (WSOP) bracelet in 2012, was arrested in Florida on Wednesday early morning and will make his preliminary federal court docket look in Miami.

Multi-Million Greenback Scheme

The 13-site indictment, in the beginning filed on May 17, alleges that Zeidman held a management function in the “Phoenix Business” from January 2004 to March 2020 and that he and his co-conspirators “positioned advertisements on the radio in different markets all through the United States, which falsely marketed a ‘sophisticated white-collar approach to collecting sports activities information’ and promised ‘wagering as investing, not significant-possibility gambling.'”

The radio ads instructed listeners to get in touch with a phone number “to acquire details that could be employed to earn when wagering on sports situations,” the indictment reads. When the victims referred to as that number, Zeidman and his co-conspirators allegedly informed the victims “that selected sporting gatherings were being predetermined, or ‘fixed,’ and that Zeidman … understood the results of the events.”

In addition, Zeidman is accused to have falsely claimed to have “privileged” or inside information and facts about the sporting activities and “falsely claimed that there was no danger connected with their wages.”

In exchange for the information, which prosecutors say “was both fictitious or acquired from an online research,” Zeidman and his co-defendants demanded the victims spend fees and are accused to have collected a lot more than $25 million in fees amongst 2004 and 2020.

“As alleged, Zeidman defrauded his victims, stole their everyday living personal savings and persuaded them to drain their retirement accounts to devote in his bogus sports activities betting team, all so he could shell out it on worldwide holidays, a multi-million greenback home and poker tournaments,” US Legal professional Breon Peace reported in a push launch. “Today’s indictment serves as a reminder to all of us to be wary of so-termed investment alternatives that purport to have inside of data, as they are genuinely a gamble not worthy of taking.”

Zeidman is even further accused of conspiracy to dedicate wire fraud and mail fraud, as perfectly as conspiracy to dedicate money laundering.

Zeidman seemingly made use of a assortment of aliases when conducting the fraud: Richard Barnes, Walter Barr, Mr. Carlyle, Ray Palmer, Rick Hard cash, Elliot Stern, Gordon Howard, David Coates, Simon Coates, Paul Knox, Mark Lewis, Joel Orenstein and Steve Nash. He also utilised company names, like Gordon Howard International, Ray Palmer Group and Grant Sports activities Global.

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Bracelet Winner

Zeidman, 61, has had a prolonged profession in poker that dates again to at the very least 1997, when he finished eighth in a $1,500 acquire-in Seven-Card Stud function at the WSOP for $8,481.

In May 2004, just a number of months following the sports activities betting plan is alleged to have started, Zeidman concluded fifth in the WSOP’s $5,000 acquire-in 7 Card Stud Environment Championship to generate $44,000.

Clearly a stud specialist, Zeidman acquired his maiden WSOP bracelet in 2012 when he took down Party #4 $1,500 7-Card Stud for $201,559.

Zeidman also experienced his moments in front of the cameras, acquiring appeared on a range of poker productions and memorably successful a cooler towards Jen Harman in the 2005 WSOP Primary Celebration in a straight-flush-as opposed to-entire-house hand.

https://www.youtube.com/view?v=PbYh2gSlHuM

Zeidman, who has $691,141 in occupation earnings, in accordance to the Hendon Mob, played at the 2021 WSOP but failed to uncover any cashes. His most latest income arrived at the Globe Poker Tour (WPT) Seminole Hard Rock Poker Showdown in March, exactly where he finished 12th in a $400 obtain-in pot-limit Omaha occasion for $960.

The federal scenario against Zeidman is staying prosecuted by Assistant US Lawyers Anthony Bagnuola, Charles P. Kelly and Diane Beckmann. PokerNews will monitor the situation and adhere to up on any developments.