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A professional poker player was arrested Wednesday for his alleged involvement in a sports betting scheme that brought in more than $25 million from victims.
Cory Zeidman, 61, a World Series of Poker bracelet winner, faces charges of conspiracy to commit wire fraud, mail fraud, and money laundering conspiracy in connection with the scheme, according to a two-count indictment unsealed in United States District Court for the Eastern District of New York.
He allegedly operated the scheme from both Long Island and Florida between 2004 and 2020.
According to the indictment, Zeidman held a leadership position at "Phoenix Organization," an organization through which he and his co-conspirators committed the alleged scheme.
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A player counts his chips while placing a bet in Toronto, March 7, 2005. (Getty)
The victims allegedly sent Zeidman and his co-conspirators fees worth more than $25 million in U.S. currency via interstate wire transfers and private commercial carriers believing the organization gave them "privileged" information that made sports betting a no-risk situation.
"As alleged, Zeidman defrauded his victims, stole their life savings and persuaded them to drain their retirement accounts to invest in his bogus sports betting group, all so he could spend it on international vacations, a multi-million dollar residence and poker tournaments," stated United States Attorney Breon Peace. "Today’s indictment serves as a reminder to all of us to be wary of so-called investment opportunities that purport to have inside information, as they are really a gamble not worth taking."
The alleged scheme saw Zeidman and his co-conspirators place radio advertisements in various markets throughout the U.S. which claimed to advertise as a "sophisticated white-collar approach to gathering sports information" with the promise of "wagering as investing, not high-risk gambling."
Playing cards and casino chips (iStock)
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The advertisements allegedly told listeners to call a number where they would be given specific information that could be used to win when wagering on sporting events.
When the victims called the number, Zeidman and the co-conspirators misled the victims, allegedly telling them that certain sporting events were "fixed" and that they knew the outcomes of those events. Callers were required to pay a fee to access the information.
Zeidman also used various aliases during the scheme, as well as fake company names, including Gordon Howard Global, Ray Palmer Group, and Grant Sports International.
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A person is holding two deuces in his hand while playing poker. (Photo by Annette Riedl/picture alliance via Getty Images)
"As alleged, Zeidman preyed on individuals who were led to believe he had inside information that would lead them to easy money," stated Homeland Security Investigations New York Acting Special Agent in Charge Ricky J. Patel. "In reality, he was selling nothing but lies and misinformation – bilking millions from victims along the way, leaving their lives in financial ruin and their bank accounts empty."
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