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
Can I win real money on casino apps?
Yes, you can win real money at a real money casino online. The best real money casinos accept a variety of deposit methods and allow you to play hundreds of casino games online for real money.
Are there any legit online slots that pay real money no deposit?
There are a number of online casinos that offer you both a no deposit when you sign up, while also having an app available for you to download. To name a few of those casino apps that pay real money with no deposit, there is: PokerStars Casino - $100 Bonus Play. BetMGM Casino - $25 No Deposit Bonus.
Which gambling app pays out the most?
What are the best highest-payout casino games? Single deck blackjack can have an RTP of 99.69%, and some double-deck blackjack games go up to 99.77%, so they are typically the best payout casino games. The RTP can go to 99.72% on some Game King video poker games, while some craps bets have an RTP of more than 99%.
Which online casino is best in Singapore?
Technically no, Singapore has stringent gambling laws in place. Before 2014, the country had few gambling laws. However, in 2014, the government implemented several laws, including the Remote Gambling Act 2014. This act outlined that all forms of gambling in Singapore are illegal, including online casino gaming.24 Jun 2024
How to Play WPT Global on Your Computer 2024
How to Play WPT Global on Your Computer Downloading the Software 1. Visit the Official Site: Go to the WPT Global website or use affiliate links provided by poker news sites. 2. Start the Download: Click on the “Download” button specific to your operating system (Windows or Mac). 3. Install the Application: 3.1 For Windows: Open the downloaded file from your “Downloads” folder. Follow the installation instructions. 3.2 For Mac: