Cory Zeidman, a World Series of Poker winner, is accused of taking high fees for insider “sure bet” game tips that were either made up or found on the internet.
The Florida head of a high-priced sports gambling tip service has been charged with allegedly fleecing customers out of $25 million with promises of “sure bet” insider info on college and pro games that turned out to be made up or widely available online.
Billing the service as more of an investment vehicle than pure gambling, customers were lured into paying large fees to “get in on the ground floor” of a major money-making opportunity. In the end, many customers ended up losing their shirts rather than hitting it big, and prosecutors say Zeidman pocketed at least $25 million in fraudulently-obtained money over a 15-year period. Some lost their entire savings to the fraud, prosecutors said.
Zeidman, a World Series of Poker bracelet winner with nearly $700,000 in career earnings, allegedly also went by a number of aliases, including Richard Barnes, Walter Barr, Mr. Carlyle, Rick Cash, Joel Orenstein and Steve Nash.
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