Cory Zeidman, a professional poker player and a Boca Raton, Florida resident who has won a WSOP bracelet and earned over $690,000 in live earnings, has been involved in a $25 million sports betting fraud. Zeidman was arrested two years ago for wire fraud and money laundering but did not admit his involvement in the scam.
When he was arrested, the case was heavily covered by US media like ESPN and other major news channels as he was the head of “Phoenix Organization” from 2004 to 2020, through which he was giving tips and receiving money.
Zeidman accused the government of being a thief and said he wouldn’t plead to things he hadn’t done. He also added that they took his money and was waiting for the day in court to prove his innocence. But realistically, Zeidmen’s chances were not looking good on the court. After he realized it was not going to happen the way he thought, he decided to accept a guilty plea and was in the process of settlement for over a year.
According to studies from 2022, only 0.4 percent of federal cases that reach trial end in acquittal, and nearly 90 percent of cases end in a guilty plea and settlement. Only 8.2 percent of the cases get dismissed.
He was accused of falsely promoting his inside information about sports events, which he was selling to bettors, and telling them that the events were risk-free investments and not bets. He also placed ads on the radio to find more customers. Zeidman and his associates made over $25 million over the 16 years of selling tips.
Radio advertisers were helping customers contact Zeidman so he could give them information for “investing” in sports events’ outcomes. Zeidman was convincing victims that he already knew the outcomes of the events and that the outcomes were fixed.
Zeidman recorded his first live cash in the WSOP in 1997 and played in live events until 2022, when he was arrested. His most significant win was in 2012, when he won the WSOP $1,500 Seven Card Stud Hi/Lo event for $201,559. This is also the event where he won his only WSOP bracelet.
News Source: Pokernews
