Poker player Cory Zeidman found out he will be spending significant time behind bars.
In December 2024, Zeidman pleaded guilty to fraud charges in federal court regarding a sports betting fraud scheme he ran from New York and Florida. Authorities arrested the World Series of Poker bracelet winner in 2022 for the scam.
Zeidman ran an organization that placed ads claiming to have “privileged information” about sporting events that could result in risk-free sports betting. The group would charge money for fraudulent information.
“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,” U.S. attorney Breon Peace said in a statement regarding Zeidman’s 2022 arrest.
Initially, Zeidman was facing up to 20 years behind bars. But according to a PokerNews report, the outlet obtained a redacted sentencing letter from the U.S. Department of Justice and the prosecutor on the case.
The letter recommends between 33 and 41 months in federal prison. Additionally, Zeidman will forfeit nearly $3.7 million he took from fraudulent activity. Lastly, Zeidman is responsible for paying restitution of more than $5 million to the 21 victims of his scheme.
However, the judge doesn’t have to listen to the sentencing recommendation.
Sports Betting Scams And Slowrolls
Prosecutors noted that Zeidman used “deceptive practices” and “outright lies” to attract customers. This included the use of “high-pressure tactics” to exploit unsuspecting clients, according to the government.
Authorities claimed Zeidman used several aliases as part of the ruse. He also used multiple names for his company. Zeidman initially denied the allegations, but now faces official sentencing on Tuesday in a U.S. District Court in the Eastern District of New York.
At the tables, the Florida native has almost $700,000 in live tournament earnings, including a WSOP bracelet in 2012. But Zeidman is most well-known among poker fans for his slowroll of Jennifer Harman in the 20025 WSOP main event.
