Poker Player Cory Zeidman Indicted for Sports Betting Fraud Scheme of $25 Million

Poker Player Cory Zeidman Indicted for Sports Betting Fraud Scheme of $25 Million article feature image

Photo by Dina Rudick/The Boston Globe via Getty Images. Pictured: Poker table

Cory Zeidman is a World Series of Poker bracelet winner with nearly $700,000 in career earnings, but away from the table he was allegedly running an illegal sports betting scheme that brought in $25 million.

The United States District Court for the Eastern District of New York charged Zeidman with conspiracy to commit wire fraud, mail fraud and money laundering conspiracy in connection with a sports betting fraud scheme he organized between Long Island and Florida.

Zeidman was arrested on Wednesday in Miami.

The must-have app for bettors

The best betting scoreboard

Free picks from proven pros

Live win probabilities for your bets

According to the indictment, Zeidman used a business name of The Phoenix Organization to run advertisements to lure sports bettors into his business. Zeidman allegedly claimed he knew which sporting events would be "fixed" and charged clients for the information. Zeidman guaranteed wins to those who paid for the information, but the information was not accurate.

The scheme ran from January 2004 to March of 2020. Officials say Zeidman took $25 million from customers in his scheme.

"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," said United States Attorney Breon Peace. "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."

Born in New York but living in Florida, Zeidman used multiple aliases and business names to collect the money.

But at the poker tables, he was Cory Zeidman. In the middle of the alleged operation, Zeidman won a WSOP bracelet, winning over $200,000 in a Seven-Card Stud event with a $1,500 buy-in. According to Card Player, Zeidman has four tournament wins with 42 cashes for over $690,000.

His most recent record cash was on May 22 for $1,105.

How would you rate this article?

This site contains commercial content. We may be compensated for the links provided on this page. The content on this page is for informational purposes only. Action Network makes no representation or warranty as to the accuracy of the information given or the outcome of any game or event.