PokerNewshas learned that Cory Zeidman, a longtime poker player, will plead guilty to his role in a $25 million sports betting fraud case.
The Floridian was arrested in May 2022 and charged with conspiracy to commit wire fraud and money laundering. He initially entered a not guilty plea in the United States District Court Eastern District of New York.
Zeidman, a 2012 World Series of Poker (WSOP) bracelet winner, vehemently denied any wrongdoing at the time. He even told PokerNewsfollowing his arrest that he wouldn't take a plea deal.
“In the words of (German philosopher Friedrich) 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. I’ve been advised by my council to not get into details but I anxiously await my day in court. I have worked in the sports handicapping industry for the past 40 years starting with 'professor picks.' Trade secret — he wasn’t a real professor. I want to thank the outpouring of positive words in support from my close friends and family who know me best as an individual with the highest level of morals and integrity," Zeidman said in 2022.
The odds of acquittal in federal court is about as high as hitting runner runner quads. Zeidman's chances of taking his case to court and receiving a not guilty verdict, based on conviction rates, were slim to none. As such, he's agreed to accept a guilty plea.
Zeidman's lawyers and United States Attorneys have been in negotiations to settle the case for over a year. A status conference was set for Oct. 24, but that has been postponed to Nov. 22, and that conference will instead be converted to a change-of-plea hearing.
Both parties have agreed in principle to the guilty plea, pending approval from the Hon. Judge Joanna Seybert. Details of the plea agreement, including potential sentencing requests, are not publicly available.
Zeidman was arrested May 25, 2022 in Florida, and his case initially received extensive mainstream media coverage. USA Today, ESPN, and many other major news outlets picked up on the story.
He was accused by the government of falsely claiming to bettors to have "privileged" or inside information about various sporting events and he "falsely claimed that there was no risk associated with their wages," court documents state. Zeidman is said to have placed radio ads to "lure victims."
In exchange for the information, which prosecutors say "was either fictitious or obtained from an internet search," Zeidman and his co-defendants demanded the victims pay fees and are alleged to have collected more than $25 million in fees between 2004 and 2020. The poker pro claimed the "privileged" sports betting information he had meant his clients would be taking on no risk betting on the games.
Zeidman has nearly $700,000 in live tournament cashes, according to The Hendon Mob, most notably a WSOP bracelet win in a 2012 $1,500 Seven Card Stud Hi-Lo 8 or Better event for $201,559. His last recorded cash came on May 19, 2022 in Florida, just days before his arrest.
