Professional Poker Player Cory Zeidman Arrested In $25 Million Sports Gambling Scheme

He should have listened to the song because this guy clearly didn’t know when to fold ‘em.

Professional poker player Cory Zeidman was arrested for fraud and money laundering related to a sports betting scheme that netted more than $25 million.

The Boca Raton, Florida, native also faces federal charges of conspiracy to commit wire fraud and mail fraud, and conspiracy to commit money laundering as part of the scheme that spanned from 2004 to 2020, according to a two-count indictment out of the United States District Court for the Eastern District of New York.

The 61-year-old won a bracelet at the 2012 World Series of Poker.

The indictment says Zeidman and his unnamed cohorts received more than $25 million in interstate wire transfers and private commercial carriers during that span from victims who were led to believe that the organization had inside info on games.

Part of the scheme entailed placing radio ads around the U.S. boasting a “sophisticated white-collar approach to gathering sports information.” When people called in, they were asked to pay a fee for the info.

“As alleged, Zeidman preyed on individuals who were led to believe he had inside information that would lead them to easy money,” Homeland Security Investigations New York acting special agent in charge Ricky J. Patel said in a release. “In reality, he was selling nothing but lies and misinformation—bilking millions from victims along the way, leaving their lives in financial ruin and their bank accounts empty.”