Former World Series of Poker winner Cory Zeidman has pleaded guilty to betting fraud and is facing a lengthy spell in prison.
Zeidman is accused of participating in what prosecutors in the Eastern District of New York called a “massive fraud scheme” following charges of conspiracy to commit mail and wire fraud.
According to Front Office Sports, he has offered a guilty plea, admitting he defrauded bettors in Florida and New York.
The 63-year-old, who won the WSOP in 2012, is facing a maximum sentence of 20 years in prison. He has also been ordered to pay around $3.7 million in restitution to victims after claiming to be privy to inside information on sporting events, while the possibility of a $250,000 fine looms.
Cory Zeidman Helped Run Company Whose Sole Purpose Was To Defraud Bettors
Prosecutors say Cory Zeidman was part of a yearslong scheme in which he defrauded prospective bettors, having helped run companies that put in national radio ads under names such as “Gordon Howard Global” and “Ray Palmer Group.”
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The companies operated out of Florida and Long Island, recruiting bettors to pay for gambling advice under the guise of having inside knowledge. Zeidman would claim to have team physicians and TV execs as sources to get victims to believe his tips were low-risk.
“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,” special agent Charles Walker Homeland Security special agent Charles Walker said.
“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,” U.S. Attorney Breon Peace added.
Cory Zeidman is understood to have charged large amounts in exchange for the supposed information and made $25 million from 2006 to 2020.
