Cory Zeidman, a pro poker player and former resident of Long Island, was indicted Wednesday in connection to a $25 million sports betting scheme.
Zeidman, 61, is facing charges of money laundering, conspiracy to commit wire fraud and mail fraud, was arrested Wednesday morning in Florida, the Justice Department announced.
The 2012 World Series of Poker bracelet winner is accused of placing radio ads to “lure victims to retain [his] organization for sports betting advice”, promising that “privileged information” meant that the bettors would have no risk.
Prospective bettors in the scheme, which according to the feds lasted from 2004-2020, were required to pay for this supposed inside information. The Justice Department’s release said many of Zeidman’s customers lost their life savings.
“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,” United States Attorney Breon Peace said in the release.
“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.”
Per Action Network, Zeidman has four tournament wins to his pro poker credit with 42 cashes for $690,000 in earnings.