Professional poker player and sports betting consultant Cory Zeidman admitted guilt in a federal court in New York on Wednesday for cheating clients in his sports handicapping enterprise. 

Federal prosecutors claimed that the World Series of Poker bracelet holder and his co-defendants deceived clients into paying for betting tips by asserting they possessed insider information, “only to provide them with falsehoods and seize millions from their savings and retirement funds.” 

Boca Raton, Florida resident Zeidman, 61, has accumulated nearly $700,000 in total tournament earnings throughout his 25-year poker career. He claimed his WSOP title in 2012 in 7-card stud. Before that, he gained fame for what could be considered slow-rolling Jennifer Harman when he had a straight flush versus her full house during the 2005 WSOP main event. 

Plan Produced $25M 

Between 2004 and 2020, Zeidman's racket provided gamblers with "exclusive information" regarding player injuries, "corrupt referees," and "rigged" sporting events – claims that prosecutors state are untrue. The organization promoted its services on national radio using fake names such as “Gordon Howard Global” and “Ray Palmer Group.” 

When gamblers reached out to the organization possibly to invest in the scheme, they were informed that it obtained injury updates from doctors and that television executives were providing insights on the allegedly fixed outcomes of matches. Prosecutors stated that this made sports betting a “low or no-risk venture.” 

According to court details, Zeidman and his co-defendants amassed roughly $25 million in “exorbitant” charges from clients in return for information that “was either fabricated or gathered from an online search.” 

Soon after his 2022 arrest, Zeidman informed PokerNews of his plan to plead not guilty, referencing Nietzsche (the final refuge of a rogue?) to assert his innocence. 

“In the words of Nietzsche, ‘Everything the state says is a lie and everything it has it has stolen,’” he proclaimed.

Victims Differ 

However, it was Zeidman engaging in deceit and theft, as stated by his victims, who reported his scheme to Homeland Security. This contrasts with how he describes himself as “a person possessing the highest level of morals and integrity,” in his PokerNews commentary.

"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,” special agent Charles Walker of Homeland Security in New York said in a statement.

Zeidman admitted to conspiring to carry out mail and wire fraud, facing a potential maximum penalty of 20 years in prison.