Pro poker player arrested on fraud, money laundering charges in connection to alleged sports betting scheme

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A professional poker player was arrested Wednesday for his alleged involvement in a sports betting scheme that brought in more than $25 million from victims. 

Cory Zeidman, 61, a World Series of Poker bracelet winner, faces charges of conspiracy to commit wire fraud, mail fraud, and money laundering conspiracy in connection with the scheme, according to a two-count indictment unsealed in United States District Court for the Eastern District of New York.

He allegedly operated the scheme from both Long Island and Florida between 2004 and 2020. 

According to the indictment, Zeidman held a leadership position at "Phoenix Organization," an organization through which he and his co-conspirators committed the alleged scheme. 

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A player counts his chips while placing a bet in Toronto, March 7, 2005. (Getty)

The victims allegedly sent Zeidman and his co-conspirators fees worth more than $25 million in U.S. currency via interstate wire transfers and private commercial carriers believing the organization gave them "privileged" information that made sports betting a no-risk situation.

"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," stated United States Attorney Breon Peace. "Today’s indictment serves as a reminder to all of us to be wary of so-called investment opportunities that purport to have inside information, as they are really a gamble not worth taking." 

The alleged