Former Pro Poker Player Corey Zeidman Under Federal Investigation For Money Laundering, Fraud Totaling $25 Million

A former World Series of Poker bracelet winner, Cory Zeidman, 61, was arrested on Wednesday for aiding in a sports betting scheme that swindled $25 million from victims between 2004 to 2020.

As relayed by ESPN's David Purdum, Zeidman — who won his bracelet in 2012 — is "facing federal charges of conspiracy to commit wire fraud and mail fraud, and conspiracy to commit money laundering" after setting up fake services that delivered secret sports betting tips.

The two-count indictment filed at the United States District Court for the Eastern District of New York detailed that Zeidman's "no-risk" betting ruse was a "sophisticated white-collar approach to gathering sports information."

According to the indictment, Zeidman and his co-conspirators created fake companies — titled "Gordon Howard Global" and "Ray Palmer Group" — to steal money from victims that believed they were receiving betting tips.

"As alleged, Zeidman preyed on individuals who were led to believe he had inside information that would lead them to easy money," said Ricky J. Patel, Homeland Security Investigations New York acting special agent in charge. "In reality, he was selling nothing but lies and misinformation -- bilking millions from victims along the way, leaving their lives in financial ruin and their bank accounts empty."

United States Attorney Breon Peace released a statement condemning Zeidman for misleading average citizens into " 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."

The poker player and his group claimed to receive their insider knowledge from collegiate sports doctors. They used the $25 million in stolen reserves for personal indulgence and poker funds, in Zeidman's case.

Stay tuned with OutKick as the story develops.