• About Us / Contact
  • Responsible Gambling
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

A ‘Madoff’-Like Sports Betting Scheme Leads To Arrest Of WSOP Bracelet Winner

Cory Zeidman netted over $25 million in ill-gotten gains, according to feds, by promising winners under false pretenses

Jeff Edelstein by Jeff Edelstein
May 26, 2022
in Legal
empty wallet

Shutterstock

Share on FacebookShare on Twitter

In a move that one industry watcher compares to the Bernie Madoff scandal, former World Series of Poker bracelet winner Cory Zeidman was charged with conspiracy to commit wire fraud, mail fraud, and money laundering conspiracy in connection with a sports betting fraud scheme he operated from Long Island and Florida, according to a press release issued by the U.S. District Court for the Eastern District of New York.

The two-count indictment was unsealed Wednesday, and Zeidman, a 2012 WSOP bracelet winner, was arrested later that morning in Florida.

Thinking of this classic old school TV poker hand today for absolutely no reason that I can think of whatsoever. Definitely no reason I'm thinking of this hand today.https://t.co/xgpRtGnq75

— Scott Seiver (@scott_seiver) May 25, 2022

β€œAs 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 the release. β€œToday’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.” 

According to the indictment, Zeidman led a group that placed advertisements on national radio stations. The ads would encourage people to call the service for advice on sports betting, and Zeidman and company would give out their picks β€” for a fee β€” and tell the would-be-winners on the other end of the call that they were guaranteed to win. From telling people the games were fixed to assuring them they had inside information from team doctors or television executives, Zeidman and crew are alleged to have swindled bettors out of $25 million over a period spanning from 2004 to 2020.

Bernie, Cory … Cory, Bernie

β€œThis is, in my view, like the Bernie Madoff of sports betting,” said Florida-based sports betting and gaming attorney Daniel Wallach. β€œThis is an alleged Ponzi scheme, swindling the elderly and others out of their nest eggs and basically conning them out of their money under false pretenses based upon the fiction there was a guaranteed rate of return.”

According to the feds, numerous people lost their life savings in the deal.

β€œAs alleged, Zeidman preyed on individuals who were led to believe he had inside information that would lead them to easy money. In reality, he was selling nothing but lies and misinformation β€” bilking millions from victims along the way, leaving their lives in financial ruin and their bank accounts empty,” Homeland Security Investigations New York Acting Special Agent in Charge Ricky J. Patel said in the release. β€œHSI will continue to work together with our partners to follow the money and tackle complex financial investigations to bring to justice fraudsters like Zeidman, who finance their lavish lifestyles by concocting ways to bamboozle the innocent when their only real goal is lining their pockets with ill-gotten cash.” 

Time to regulate handicappers?

Wallach also sees this indictment as a potential black eye for the still-nascent world of legal sports betting.

β€œNot everyone can tell fact from fiction,” Wallach noted. β€œA savvy investor would be able to detect this, but not all laypeople are able to understand a scheme like this could not possibly be legitimate.”

Wallach, in fact, takes it a step further, and thinks touts and handicappers should be regulated, just like their brethren in the financial world.Β 

β€œThe public should always be protected,” Wallach said. β€œTouts and handicappers should be subject to some level of regulation on a state-by-state basis. As legal sports betting expands to 30-plus states, in addition to requiring operators, suppliers, and vendors to comport with certain regulatory guidelines, I think the handicapping industry and touts should fall within the sweep of the gaming agencies. Touts and handicappers operating completely outside of a regulatory framework represent a risk to the industry and the good name the industry is trying to develop.”

One silly little tidbit in this messy tale is that Zeidman used an assortment of aliases throughout the alleged ordeal, including β€œSteve Nash.” Whether Zeidman was purporting to be the current Brooklyn Nets coach and former Phoenix Suns point guard was left unsaid in the indictment. Other aliases used included Richard Barnes, Walter Barr, Mr. Carlyle, Ray Palmer, Rick Cash, Elliot Stern, Gordon Howard, David Coates, Simon Coates, Paul Knox, Mark Lewis, and Joel Orenstein. Some of the company names used by Zeidman were Gordon Howard Global, Ray Palmer Group, and Grant Sports International.

ShareTweetShare
Jeff Edelstein

Jeff Edelstein

Jeff is a veteran journalist, working as a columnist for The Trentonian newspaper in Trenton, NJ for a number of years. He's also an avid sports bettor and DFS player. He can be reached at [email protected]

Related Posts

stetson-bennett-confetti-falling
Legislation

Could Standalone Sports Wagering Bill Change Outlook In Georgia?

January 11, 2023
Load More

Top Stories

taylor mathis

Taylor Mathis Got Sacrificed At The Altar Of Responsible Gambling

March 20, 2023
fanduel baseball wall

Premade Same Game Parlays Are Sucker Bets

March 13, 2023
maginfier-over-small-print

Read The Fine Print: A Proposed Federal Rule Could Change Everything For Indian Gaming

March 6, 2023
roman reigns wwe

Colorado Denies Report Stating That It’s Considering WWE Wagering

March 8, 2023

State Sports Betting Guides

Ohio (U.S. state) flag waving against clear blue sky, close up, isolated with clipping path mask alpha channel transparency, perfect for film, news, composition

Ohio Sports Betting – Where To Play, Bonus Offers And Promo Codes

by Brian Pempus
March 27, 2023

Downtown Detroit at twilight (Shutterstock)

Michigan Sports Betting – Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 27, 2023

VA captial

Virginia Sports Betting – Where To Play, Online Sportsbooks And Bonus Offers

by Brett Smiley
January 17, 2023

nj flag

New Jersey Sports Betting — Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 22, 2023

pa online sportsbooks

Pennsylvania Sports Betting – Where To Play, Online Sportsbooks And Bonuses

by Brett Smiley
October 6, 2022

Canada Sports Betting Guides

Canada Sports Betting – Best Sportsbook Apps & Bonus Offers

British Columbia Sports Betting – Legal Update, Available Sportsbooks, and FAQ

Ontario Sports Betting – Legal Status And Where To Play

SportsHandle

  • Analysis
  • Casino
  • Features
  • Horse Racing
  • Industry
  • Legal
  • Legislation
  • Opinion
  • Podcasts
  • Poker
  • Politics
  • Promotions
  • Regulation
  • Sports
  • Uncategorized

Better Collective

This website is owned and operated by Better Collective USA. Trademarks and copyrights referenced on this website are and shall remain the exclusive property of their respective owners and/or licensors. Please be sure to visit the operator’s website(s) to review their terms & conditions. We advise you to read these carefully as they contain important information. Copyright Β© 2023 USBets.com | Better Collective USA
21 Play Responsibly
Gamble Aware West Virginia
Gambling Problem? Call 1-800-Gambler.
GameSense

Search Sports Handle

No Result
View All Result
  • About Us / Contact
  • Responsible Gambling

No Result
View All Result
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News

loading

Please wait while you are redirected to the right page...