Cory Zeidman, a 63-year-old former professional poker player, today (4 December) pleaded guilty to two counts of mail and wire fraud associated with an illegal gambling scheme. Zeidman faces up to 20 years in prison and $3.6 million (£2.8 million/€3.4 million) in restitution and fines.
According to court records, Zeidman led a fraud ring that sold betting tips via radio ads followed by high-pressure sales. The group used fake names and also purported to have inside information about “dirty” officials, “fixed” games and predetermined outcomes, according to a press release from the US attorney’s office for the Eastern District of New York.
No sentencing date has been set.
Bettors were charged high fees for the service and were told that the information made wagering a low-risk proposition. According to the US attorney’s office, the information was made up or was public information found via internet searches.
“As alleged, Zeidman preyed on individuals who were led to believe he ha..