• Loading stock data...
Thursday, December 5, 2024

Poker Pro Pleads Guilty to ‘Massive’ Sports Betting Tips Fraud

Cory Zeidman pleaded guilty to a yearslong scheme in which he defrauded prospective gamblers by pretending to have inside information.

USA TODAY

A former World Series of Poker winner pleaded guilty Wednesday to defrauding bettors in Florida and New York.

Cory Zeidman, who won a championship bracelet at the 2012 World Series of Poker, pleaded guilty to charges of conspiracy to commit mail and wire fraud.

Prosecutors in the Eastern District of New York described a yearslong scheme to defraud prospective bettors by falsely claiming to have inside information on sporting events.

The 63-year-old Zeidman faces a maximum sentence of 20 years in prison and was ordered to pay roughly $3.7 million in restitution to his victims. He also faces a fine up to $250,000. 

Zeidman helped run an organization that placed national radio advertisements under names such as “Gordon Howard Global” and “Ray Palmer Group,” according to the original indictment in 2022. The companies, operating out of Florida and Long Island, sought to recruit bettors to pay for gambling advice. 

Prosecutors called it a “massive fraud scheme” on Wednesday.

“Sports bettors sought Cory Zeidman’s advice before gambling their money – but it was Zeidman himself who was scoring big through his deceptive practices, outright lies, and high-pressure tactics that exploited unsuspecting clients,” special agent Charles Walker of Homeland Security in New York said in the release announcing the pleas.

The company used fake names and high-pressure sales tactics to lead bettors to believe the organization had access to inside information. Prosecutors said supposed player injury information, corrupt referees officiating games and events that were considered “fixed” were all tactics used by Zeidman’s organization. Zeidman attributed college team physicians and television executives as sources for the inside information when dealing with customers. The idea was to convince prospective bettors that the company’s “inside information” made gambling on such events a low-risk proposition. 

Zeidman charged victims high prices to obtain the allegedly privileged information, which went on from 2006 to 2020. The indictment said the scheme amassed $25 million in fees over the years it was operating.

“Zeidman and his partners baited unsuspecting victims with false claims of an edge in sports betting only to feed them lies and pocket millions of dollars,” U.S. Attorney Breon Peace said.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

James Dolan

Judge Orders MSG Bootleg Merch Sellers to Cut It Out, Appear in..

MSG Sports, the Knicks, and Rangers sued the vendors Monday.

State Legislators Argue Existing Laws Conflict With House v. NCAA Settlement Terms

State lawmakers say it’s too restrictive and conflicts with existing laws.
Sep 28, 2024; Ile Bizard, Quebec, CAN; Max Homa of team U.S.A. putts on the first green during the foursomes (alternate) round of The Presidents Cup golf tournament.

The PGA Tour Wants More Players to Become Social Media Stars

YouTube golf is quickly gaining ground on the professional game.
From left, Jeeno Thitikul, of Thailand, Lydia Ko, of New Zealand, and Yan Liu, of the Republic of China, walk onto the first green during the Kroger Queen City Classic in Cincinnati on Sunday, Sept. 22, 2024.

LPGA Alters Transgender Player Policy, At Least One Player Barred

The new rules disqualify a current transgender golfer, Hailey Davidson.

Featured Today

Dec 18, 2022; Lusail, Qatar; FIFA president Gianni Infantino claps during the awards ceremony after the 2022 World Cup final between Argentina and France at Lusail Stadium.

FIFA Wants More Matches. Resistance Is Growing Inside the Global Soccer World

Resentment and frustration over expanded schedules is nearing a breaking point.
November 30, 2024

U.S. Investors Are Gunning for England’s Small Soccer Clubs

Is another Hollywood-like success story possible among the U.K.’s smallest clubs?
Nov 1, 2024; Boise, Idaho, USA; Boise State Broncos running back Ashton Jeanty (2) leads the team onto the field prior to the first quarter against the San Diego State Aztecs at Albertsons Stadium.
November 29, 2024

Schools Are Scrambling to Prepare for the NCAA Revenue-Sharing Era

In the post–House v. NCAA world, “everyone’s kind of on their own.”
Nov 4, 2024; Kansas City, Missouri, USA; Recording artist Taylor Swift arrives prior to a game between the Tampa Bay Buccaneers and the Kansas City Chiefs at GEHA Field at Arrowhead Stadium.
November 29, 2024

The PWHL Could Be Inviting a Date With Taylor Swift’s Legal Team

The Toronto Sceptres may have opened a Pandora’s box of trademark issues.
DraftKings

DraftKings Lowers Full-Year Guidance After Brutal NFL Outcomes

DraftKings cited a tough start to the fourth quarter in lowering its 2024 guidance.
Nov 4, 2024; Kansas City, Missouri, USA; Kansas City Chiefs wide receiver DeAndre Hopkins (8) celebrates with quarterback Patrick Mahomes (15) after scoring against the Tampa Bay Buccaneers during the second half at GEHA Field at Arrowhead Stadium.
November 6, 2024

Missouri Becomes 39th State to Legalize Sports Gambling

Missouri was the only state with sports gambling on its ballot this election cycle.
Sports betting Analyst Steve Coughlin gives out high-fives on the set of ESPN's College Game Day at the University of Texas, ahead of the Longhorns' game against the Georgia Bulldogs in Austin, Oct. 19, 2024.
November 7, 2024

ESPN Bet at Critical Point As Penn Reports Quarterly Earnings

The two sides agreed to a 10-year deal last August.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
November 5, 2024

On the Ballot: Sports Betting, Former Athletes Impacting the 2024 Election

Several U.S. Senate candidates have sports backgrounds, while Missouri voters will consider legalizing sports betting.
Tony Hinchcliffe at Donald Trump rally.
November 4, 2024

Sports Betting Companies Holding Comic at Arm’s Length After Trump Rally

Hinchcliffe drew criticism over his comments at a rally for Trump.
November 1, 2024

Polymarket Is Pushing Into Sports Betting

Once the ballots are counted, Polymarket needs to take on sports.
October 29, 2024

Parent of Action Network, Playmaker HQ Cuts More Than 100 Jobs

Better Collective laid off dozens of employees this week.