A former Florida poker champion faces years in prison after defrauding bettors of millions of dollars with false insider information.#BocaRatonFL #News #Florida #Crime
Boca Raton, FloridaFormer professional poker player Cory Zeidman entered a guilty plea to charges related to a vast fraud operation that defrauded sports bettors of millions of dollars. The former World Series of Poker bracelet winner from Florida was part of a scam that promised gamblers insider knowledge of professional and collegiate sporting events. Victims who were duped into paying outrageous fees suffered financial ruin during the scam’s multi-year run.
Zeidman s Role in the Fraud Scheme
Now residing in Boca Raton, Florida, Zeidman was part of a statewide operation that advertised itself as offering exclusive, high-value betting advice under a variety of identities. He persuaded sports wagerers that his group had access to confidential information, such as insider knowledge of biased referees, player injuries, and even game-fixing.
The fraud, according to the prosecution, included phony names, coercive sales techniques, and assurances that wagering would be profitable.
How the Fraud Scheme Worked
Zeidman and his associates enticed unwary wagerers using dishonest tactics. They asserted that they had unique access to information, such as insider knowledge of injuries or biased referees. Additionally, the group made unsubstantiated claims that media executives knew the results of some professional athletic events in advance and that these games were rigged. The victims were persuaded that there was very little danger involved in placing bets on these events using the information supplied.
In actuality, the information was false, and victims who paid hefty fees to gain access to the alleged insider information ended up with nothing.
Legal Consequences and Financial Impact
Zeidman entered a guilty plea to conspiracy charges, which included wire fraud and mail fraud, on December 4, 2024. He might be sentenced to 20 years in prison, forfeiture, and restitution of about $3.6 million. This sum represents the total number of victims who were cheated during the operation. The ongoing investigation into the fraud operation, which involved numerous individuals and impacted numerous victims nationwide, has advanced significantly with Zeidman’s plea.
Statements from Law Enforcement
The impact of fraudulent gambling schemes was highlighted by U.S. Attorney Breon Peace, who said that Zeidman and his associates deceived unwary victims by promising them an advantage in sports betting, only to defraud them and embezzle millions of dollars from their retirement and savings accounts. The guilty plea entered today sends a clear message to anyone who might deceitfully market gambling as an investment opportunity to the public: the only thing that can be guaranteed is that this office will put in endless effort to identify the sources of fraud and misinformation and bring them to justice.
Illegal gambling is not a victimless crime, according to U.S. Postal Inspection Service Inspector in Charge Brubaker. Zeidman and his associates were able to swindle a great number of people with their falsehoods and force them to pay these outrageous fees for nothing.
Special Agent in Charge Walker of Homeland Security Investigations (HSI) also discussed the operation, pointing out that while sports bettors sought Cory Zeidman’s advice before placing their wagers, Zeidman was the one making the most money thanks to his dishonest business practices, outright lies, and high-pressure tactics that took advantage of unwary customers.
The Victims and Fallout
The scam’s victims were tricked into paying exorbitant fees for the misleading information because they thought the advice would help them win more bets. Many of them received nothing in exchange for their investment and suffered large losses, including losses from their retirement and savings accounts.
Homeland Security Investigations can be contacted at 1-866-347-2423 by anyone who thinks they might have fallen victim to this scam. Because they are dedicated to shielding the public from similar illegal activities, authorities are still looking into the issue.
Associated Subjects: Crime, Florida, and New York
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