On Wednesday, professional poker player Cory Zeidman was arrested on charges of fraud and money laundering related to a sports betting program.
Zeidman faces federal charges of conspiracy to commit wire fraud and mail fraud. The scheme he was allegedly part of spanned from 2004 to 2020.
During this period, the scheme has earned more than $25 million for the alleged victims.
Acting Special Agent in Charge of New York Homeland Security Investigations Ricky J. Patel released a statement on the matter.
“As alleged, Zeidman preyed on individuals who were tricked into believing he had inside information that would lead them to easy money,” Patel said, via ESPN. “In reality, he was selling nothing but lies and misinformation – defrauding millions of victims along the way, leaving their lives in financial ruin and their bank accounts empty.”
As part of this alleged scheme, Zeidman and his co-conspirators used radio advertisements to claim that they were “betting as an investment, not a high-risk game.” There was a number listed for those interested in these services.
Those who called the number were then told they had to pay a fee for sports betting information.
Zeidman, who won a bracelet at the 2012 World Series of Poker, has yet to comment on the situation.