Former Poker Champion Pleads Guilty to Fraudulent Gambling Scheme in New York
A former professional poker player has admitted to orchestrating a multimillion-dollar fraud scheme that deceived bettors with false wagering advice.
Cory Zeidman, 63, pleaded guilty in a New York federal court on 4 December to charges of mail and wire fraud related to an illegal gambling operation. Zeidman faces a maximum sentence of 20 years in prison and $3.6 million in restitution and fines.
Fraudulent Betting Scheme Details
Court documents reveal that Zeidman led a network that operated under fake names and company aliases to sell fabricated betting tips. The group promoted their services through radio ads, claiming to offer insider knowledge about “fixed” games and compromised officials. Victims were lured with promises of low-risk bets, but the information provided was either fabricated or publicly available through internet searches.
The scheme, which ran from 2004 to 2020, reportedly earned over $25 million in fees. According to prosecutors, Zeidman and his associates used high-pressure sales tactics to convince bettors in New York and Florida to pay exorbitant fees for the fraudulent advice.
Prosecutors Condemn Deceptive Practices
“Zeidman preyed on individuals who believed they could achieve easy money through his alleged insider knowledge,” said Ricky J. Patel, acting special agent in charge of Homeland Security Investigations in New York. “In reality, he was selling lies, leaving victims financially devastated.”
US Attorney Breon Peace added, “Today’s guilty plea sends a strong message to those who falsely advertise gambling as a legitimate investment. This office will continue to work relentlessly to prosecute such fraudulent schemes.”
Legal Consequences and Background
Zeidman, a 2012 World Series of Poker bracelet winner, currently resides in Boca Raton, Florida, but is a former Long Island resident. He has not yet received a sentencing date.
This case follows other high-profile sports betting fraud prosecutions, including the Jontay Porter scandal, where the former NBA player pleaded guilty to conspiring to manipulate games for betting profits.
Implications for the Gambling Industry
Zeidman’s indictment came shortly after digital sports betting became legal in New York but before its approval in Florida. The case underscores the risks of fraud in the expanding sports betting market and highlights the authorities’ commitment to combating illegal activities in the industry.
