Cory Zeidman’s Sports Betting Scheme: Unraveling the Web of Fraudulent Activities

Cory Zeidman Arrested on Wire Fraud and Money Laundering Charges

Cory Zeidman, a World Series of Poker bracelet winner, has been arrested and is now facing federal charges of conspiracy to commit wire fraud and mail fraud, as well as conspiracy to commit money laundering. The charges are in relation to a sports betting operation that allegedly defrauded victims out of over $25 million.

Inside Information Scam

The indictment against Zeidman claims that he and his unnamed co-conspirators deceived victims by convincing them that their organization had exclusive inside information that could guarantee wins in sports betting. This information, they claimed, was obtained from television executives and college physicians who had knowledge of fixed games.

In order to access this supposedly valuable information, individuals were required to pay a fee. However, the Department of Justice has stated that the information provided was either completely fictitious or simply obtained from internet searches.

The organization operated under various names, including Gordon Howard Global, Ray Palmer Group, and Grant Sports International. Zeidman himself used multiple aliases, such as Steve Nash, Mark Lewis, Joel Orenstein, and Rick Cash, to further conceal his identity.

A Web of Deceit

Acting Special Agent in Charge Ricky J. Patel of Homeland Security Investigations New York emphasized that Zeidman targeted individuals who believed they had found a surefire way to make easy money. The reality, however, was that he was perpetrating a web of lies and deceit, leaving his victims in financial ruin and with empty bank accounts.

Cory Zeidman: A Professional Poker Player

Aside from his illegal activities, Cory Zeidman is a well-known professional poker player. With $691,141 in live tournament earnings, he has enjoyed success in the World Series of Poker and World Poker Tour events.

Poker Accomplishments

In 2012, Zeidman made a name for himself by winning the $1,500 Seven Card Stud Hi/Lo event at the World Series of Poker. This victory earned him a coveted WSOP bracelet, as he outlasted a field of 622 players and defeated Chris Bjorin in heads-up play.

Zeidman has also made notable appearances in recent WSOP and WPT events, further establishing his presence in the poker world. In 2021, he cashed twice at the WSOP, and in 2022, he recorded three tournament cashes in WPT side events.

The Alleged Sports Betting Scheme

The indictment alleges that Zeidman and his co-conspirators operated their fraudulent sports betting scheme from January 2004 through March 2020. This extensive timeframe suggests that the operation went undetected for many years.

Radio Advertisements and Victimized Individuals

To attract potential victims, the group placed radio ads in various markets across the United States. These ads made bold claims about the organizations’ access to inside information and the guaranteed wins it could provide. Unfortunately, those who fell for the scam ended up losing substantial amounts of money.

It is important to note that the victims were not only financially affected but also psychologically impacted. They had placed their trust in Zeidman’s promises of easy money, only to have their lives thrown into turmoil.

Conclusion

The arrest and charges against Cory Zeidman highlight the danger of falling prey to fraudulent schemes and the devastating consequences they can have on individuals and their finances. It serves as a reminder to exercise caution and skepticism when confronted with offers that seem too good to be true.

Frequently Asked Questions

Q1: What were the charges against Cory Zeidman?

A1: Cory Zeidman was charged with conspiracy to commit wire fraud and mail fraud, as well as conspiracy to commit money laundering in relation to an alleged sports betting operation.

Q2: How much money did the sports betting operation defraud from victims?

A2: The operation allegedly took more than $25 million from its victims.

Q3: What were the consequences for the victims of the scam?

A3: The victims suffered significant financial losses, leading to financial ruin and empty bank accounts. Additionally, they experienced emotional distress and the betrayal of placing their trust in false promises of easy money.

Q4: How long did the fraudulent scheme continue?

A4: The scheme is alleged to have operated from January 2004 to March 2020, spanning over a decade.

Q5: What advice can be taken from this case?

A5: This case serves as a reminder to be cautious and skeptical of offers that appear too good to be true. It is important to thoroughly research and verify the legitimacy of any opportunity before investing time, money, or trust.

Doug I. Jones

Doug I. Jones

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