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Poker Pro Arrested, Charged with Major Sports Betting Fraud

Poker pro Corey Zeidman was arrested in Florida and charged in New York the same day for his leading role in an alleged massive sports betting scheme that cost victims millions. [Image: Shutterstock.com]

Arrested and charged in one day

A professional poker player was arrested and charged the same day for his role in running a sports betting organization that allegedly duped tens of millions of dollars from victims.

conspiracy to commit wire fraud, mail fraud and money laundering conspiracy

According to the U.S. Attorney’s Office for the Eastern District of New York (USAO-EDNY), Cory Zeidman was charged on Wednesday with conspiracy to commit wire fraud, mail fraud and money laundering conspiracy. The charges relate to Zeidman’s predatory sports betting racket operating out of Florida and Long Island.

Zeidman’s two-count indictment was unsealed in U.S. District Court at EDNY the same day authorities arrested him in Florida, where he resides in Boca Raton. According to the Department of Justice (DOJ), Zeidman’s initial appearance on the charges will be at the Miami Federal Courthouse.

Zeidman’s sports betting group, which was shrewd enough to place national radio ads to lure investors, allegedly defrauded its customers out of millions by claiming to have inside information about professional and college games.

Trust Scammers

Via radio, Zeidman’s group would have presented itself as a benchmark company for sports betting advice. Zeidman and his cronies then convinced interested customers that the group held inside information about sporting events that would ultimately benefit bettors. The victims paid money for this information, which the DOJ said was “either fictitious or obtained from internet research by the defendant and his co-conspirators.”

using nothing more than people’s love for the sport and his clever words wrapped around a cheat”

Daniel Brubaker, US Postal Inspector in Charge, said Zeidman funded his lavish lifestyle “using nothing more than people’s love for sports and his clever words wrapped around a cheat.”

Ricky Patel, Acting Special Agent in Charge, Homeland Security Investigations (HSI), New York, said the HSI and its partners would continue to bring in fraudsters such as Zeidman – “who fund their lavish lifestyles by concocting to bamboozle the innocent” — to justice.

Predatory goals

Patel added that the main objective of suspected fraudsters like Zeidman was to “line their pockets with ill-gotten money”.

As USAO-EDNY shared via Twitter, Zeidman’s allegedly ill-gotten gains funded his high roller lifestyle, which included tournament poker:

Zeidman lived the high life on the back of his group’s alleged vampire hunt on victims who fell for the idea that insider sports betting information equaled easy money.

Instead, Patel said, the group trafficked “only lies and misinformation” that left “victims’ lives in financial ruin and their bank accounts empty.”