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
Will I receive a bonus if I register for WPT Global?
Will I receive a bonus if I register for WPT Global? If you register for WPT Global from our website, you will receive luxurious exclusive benefits. To receive the bonus, simply enter the bonus code “WPT777” when registering for WPT Global. If you have not yet registered for WPT Global, enter the bonus code to receive the benefits. 2024/05/03
Can you play for real money on WPT Global?
Can you play for real money on WPT Global? At WPT Global, we bring our wealth of experience running the best poker games in the world to online poker, offering the opportunity to take on the challenge of real money poker games on safe, secure tables designed for all players from beginner to expert.
How to play okey online?
How to play okey online? During the game each player receives a hand of 14 tiles. The objective of the game is to form a hand that consists entirely of sets of equal numbered tiles and runs of consecutive tiles of the same color. This can be achieved by drawing and discarding tiles. The first player to complete their hand wins the game.
Can you withdraw from WPT Global?
Can you withdraw from WPT Global? Before making your first withdrawal, WPT Global, as a licensed operator, requires new customers to verify their account by providing the necessary documentation. This includes: Documentation that proves your identity such as a driving licence or passport.
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.
WPT Global Canada Ontario - The best online poker site in Ontario, Toronto, Canada. WPT offers online poker and casino games in Montreal also.
This site only collects related articles. Viewing the original, please copy and open the following link:Cory Zeidman Pleads Guilty to Sports Betting Fraud Scheme
