WSOP bracelet winner Cory Zeidman has pleaded responsible to fees of conspiracy and wire fraud associated to a large-scale sports activities betting fraud scheme that reportedly defrauded purchasers out of roughly $25 million.
Zeidman is well-known within the poker group, and is revered as a participant, nonetheless, beneath this veneer of success lay a troubling involvement in large-scale fraud of the kind that may probably see him shunned if he ever returns to our sport.
Cory Zeidman
The Fraud Unveiled
The fraud scheme orchestrated by Zeidman concerned deceptive sports activities bettors by claiming to own “privileged” details about sporting occasions.
He assured purchasers that their investments have been secure and that they’d obtain substantial returns primarily based on insider data.
This deceitful technique was primarily executed by way of radio commercials that promoted his providers, luring victims with guarantees of assured wins.
From 2004 to 2020, Zeidman and his associates allegedly collected charges from purchasers who believed they have been partaking in safe betting alternatives. Nevertheless, the fact was far totally different.
Many of those so-called “insider suggestions” have been both fabricated or derived from publicly obtainable data on-line. An entire rip-off!
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When it All Got here Crashing Down
It began to crumble for Zeidman in Might 2022 when he was arrested as a part of an investigation into the fraudulent actions linked to his betting operation.
Initially, he maintained his innocence and expressed reluctance to simply accept any plea deal. The truth is, he famously quoted German thinker Friedrich Nietzsche in protection of his place, asserting that he had been wronged by authorities.
Talking to PokerNews, Zeidman stated:
“Within the phrases of Nietzsche, ‘All the things the state says is a lie and all the things it has it has stolen.’ They took all my cash and so they appear upset that I received’t plead to issues I haven’t achieved.
“I’ve been suggested by my council to not get into particulars however I anxiously await my day in courtroom. I’ve labored within the sports activities handicapping trade for the previous 40 years beginning with ‘professor picks.’
“Commerce secret — he wasn’t an actual professor. I wish to thank the outpouring of optimistic phrases in help from my shut family and friends who know me finest as a person with the best degree of morals and integrity.”
Nevertheless, as time progressed and the proof in opposition to him mounted, Zeidman’s stance shifted dramatically.
In October 2024, after in depth discussions together with his authorized staff, he determined to plead responsible to conspiracy and wire fraud fees. His attorneys knowledgeable federal authorities of this resolution, resulting in an official plea in the USA District Court docket for the Japanese District of New York.
Potential Sentencing and Penalties
Whereas particular sentencing particulars are nonetheless pending, Zeidman faces an extended stretch behind bars for his actions. He might probably obtain as much as 20 years in a federal jail together with restitution of roughly $3.6 million.
Since his arrest, Zeidman has avoided collaborating in stay poker tournaments however has reportedly engaged in money video games in Florida.
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