Cory Zeidman, the once-celebrated poker professional from New York, faces a likely lengthy prison sentence after pleading guilty to wire fraud charges related to a sports betting scam. Zeidman, best known for his victory in the 2012 World Series of Poker (WSOP) and his infamous slowroll against Hall of Famer Jennifer Harman, is about to pay the price for his deceptive and fraudulent activities, which defrauded multiple victims out of millions of dollars.
According to a sentencing letter obtained by PokerNews from the U.S. Department of Justice, the poker pro is expected to spend between 33 to 41 months in federal prison. In addition to prison time, Zeidman will be required to forfeit nearly $3.7 million in fraudulent proceeds and pay restitution to the victims who were duped by his fraudulent sports betting advice.
From Poker Tables to Courtroom Drama
Zeidman’s legal troubles date back to May 2022 when he was arrested in Florida, and his case quickly attracted widespread media attention, with outlets like USA Today and ESPN covering the story. Zeidman had built a reputation over the years as a sports handicapper and poker professional. However, prosecutors accused him of using his fame to exploit bettors, falsely claiming to have inside information on sports events.
Court documents revealed that Zeidman lured victims through radio advertisements, where he promised “privileged” information and told bettors there was “no risk” involved in following his advice. Instead, the “insider” information provided by Zeidman was often fabricated or obtained through simple online searches.
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The Crime That Ruined Lives
In total, Zeidman and his co-defendants reportedly defrauded 21 victims out of a staggering $5.2 million. They used high-pressure tactics to manipulate bettors into paying exorbitant fees for what was promised to be risk-free sports betting tips.
“Sports bettors sought Cory Zeidman’s advice before gambling their money, but it was Zeidman himself who was scoring big through his deceptive practices, outright lies, and high-pressure tactics that exploited unsuspecting clients,” said Charles Walker, a special agent with Homeland Security, in a statement following the arrest.
Zeidman’s crime spanned a period from 2004 to 2020, during which he consistently scammed clients into paying large fees for betting “secrets” that were often non-existent.
A Rocky Road to Justice
Zeidman initially denied the charges following his arrest, issuing a statement that was filled with defiance and mistrust toward the authorities. In an interview with PokerNews in June 2022, Zeidman declared, “In the words of Nietzsche, ‘Everything the state says is a lie and everything it has it has stolen.’ They took all my money, and they seem upset that I won’t plead to things I haven’t done.” He added that he was advised by his counsel not to delve into the specifics of the case, but made it clear he was awaiting his day in court.
At the time of the arrest, Zeidman was adamant that his character and integrity were beyond reproach, citing his decades of experience in sports handicapping and poker.
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A Deal With the Government
However, just over two years later, Zeidman has accepted the terms of a plea deal. In addition to agreeing to serve a prison sentence, Zeidman will also forfeit $3.7 million in ill-gotten gains. His restitution obligations will require him to pay back $5.2 million to his 21 victims.
A letter from U.S. Attorney Joseph Nocella Jr., sent to Judge Joanna Seybert, indicated the government’s support for a sentencing range of 33 to 41 months. Although the judge is not bound by these recommendations, it is widely expected that Zeidman will receive a sentence within this range when he appears in court on October 7, 2025.
Quotes on Zeidman’s Downfall
Federal prosecutor Joseph Nocella Jr. emphasized that Zeidman’s actions were a severe violation of public trust. “Zeidman’s deceptive conduct undermines the integrity of sports betting, a practice already fraught with risk. His exploitation of unsuspecting individuals to fund his lavish lifestyle is appalling.”
Charles Walker, the Homeland Security special agent who investigated the case, remarked, “Zeidman’s fraudulent activities not only impacted individual bettors but tarnished the reputation of the broader sports betting industry. The sentence he faces reflects the severity of his crimes.”
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Looking Ahead: Zeidman’s Legal Future
As Zeidman prepares for his sentencing, the poker community is left grappling with the fall of a once-respected player. Zeidman’s reputation within the poker world is now irrevocably tainted, overshadowed by his criminal activities. While he made his mark as a tournament poker player, his criminal behavior has erased much of his legacy.
Poker fans, players, and industry insiders have expressed disappointment over Zeidman’s actions. One longtime poker player commented, “It’s a shame. We all respected him for his poker skills, but what he did off the table is inexcusable.”
The Takeaway: Lessons Learned
Cory Zeidman’s case serves as a cautionary tale of the dangers of unchecked greed and deception. While his poker skills were once celebrated, his fraudulent activities have forever changed the course of his life. As he faces the consequences of his actions, others in the gambling world will surely take heed of the severe penalties that can arise from fraudulent behavior.
FAQs
What is Cory Zeidman guilty of?
Cory Zeidman pleaded guilty to conspiracy and wire fraud charges for defrauding sports bettors by promising risk-free betting advice based on fictitious or publicly available information.
How much money did Zeidman steal?
Zeidman is accused of defrauding 21 victims of $5.2 million in total, through fraudulent sports betting schemes.
How long will Zeidman spend in prison?
Zeidman faces a prison sentence ranging from 33 to 41 months, based on sentencing recommendations from the U.S. government.
What other penalties will Zeidman face?
In addition to prison time, Zeidman will forfeit $3.7 million in fraud proceeds and is required to pay restitution to his victims.
When is Zeidman’s sentencing?
Zeidman is scheduled for sentencing on October 7, 2025, in the United States District Court for the Eastern District of New York.
Courtesy: GambingNews.Com
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