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WSOP bracelet winner charged over $25m sports betting scam

Zeidman charged with $25m betting fraud

Authorities have charged a former World Series of Poker (WSOP) event champion of leading a gang that scammed people out of millions of dollars by pretending to have inside knowledge that could be utilized to bet on sporting events.

Cory Zeidman, having won a World Series of Poker bracelet in 2012, is now 61 years old and has earned $691,141 at the live table. His 14 WSOP cashes have earned him more over $373,000 in total.

Zeidman, according to federal authorities, persuaded others to send him money in exchange for alleged insider information regarding sporting events that they might use to gamble. He was detained and is to face charges of defrauding individuals out of at least $25 million over the course of 16 years.

The fraud operation was allegedly orchestrated from Long Island and Florida. The accused was arrested in Florida on May 18 and will make his first hearing in federal court in Miami.

The attorney on the case, Breon Peace, has expressed his disappointment at the lengths at which Zeidman allegedly went to in order to acquire wealth.

“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,” he said.

According to sources, the defendant utilized a handful of aliases in the plot. Gordon Howard Global, Ray Palmer Group, and Grant Sports International were amongst the corporate names used.

Zeidman and his accomplices use radio ads as a medium to deceive listeners by pretending to have a strong white-collar strategy to acquiring sports information in numerous U.S. regions.

As shown in the investigation, Zeidman and an unidentified co-conspirator were members of the ‘Phoenix Organization’, with leadership roles. The organization pushed an investment-styled strategy to sports betting and advertised its services on the air for more than 16 years, until March 2020.

According to the allegation, when listeners contacted the service, which went by the names ‘Gordon Howard Global’ and ‘Ray Palmer Group’, they were informed the group had sensitive knowledge about fixed games that it obtained from college physicians and television executives. For access to the information, callers were requested to pay a charge.

The grand jury ruled the defendants guilty of conspiring to commit wire and mail fraud as well as money laundering.

The Postal Inspector of the United States, Daniel Brubaker, said Zeidman played on the vulnerability of sport enthusiasts to rob them of their live earnings, with no regard for the effects it had on his victims.

“Mr. Zeidman took advantage of the public’s interest to ‘get in on the ground floor’ of his sports betting organization. He devised a criminal scheme to fatten his pockets using nothing more than people’s love for sports and his clever words wrapped around a fraud,” he said.

The United States Attorney’s Office statement did not indicate the possible sanctions in the event Zeidman is found guilty. However, dependent on the perceived gravity of the conduct, and on other factors such as prior criminal record, remorsefulness, and willingness to cooperate with authorities, consequences may include significant fines, probation, or jail time.

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