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Ex-NY Resident Indicted For Massive Fraud Scheme Involving Sports Betting

Odds boards in a Las Vegas sportsbook.
Odds boards in a Las Vegas sportsbook. Photo Credit: Wikimedia Commons/Baishampayan Ghose

A former New Yorker is accused of being the mastermind of a massive sports betting fraud scheme that bilked victims out of tens of millions of dollars.

Cory Zeidman, age 61, formerly of Long Island, was charged with conspiracy to commit wire fraud, mail fraud, and money laundering.

He was arrested Wednesday, May 25, in Florida, according to the US Attorney’s Office in the East District.

Federal prosecutors said Zeidman used national radio ads to lure sports fans into believing that they could “get in on the ground floor” of his phony sports betting organization and that it could provide inside information on college and professional sporting events.

The privileged knowledge gleaned from the organization would essentially eliminate any risk from betting on sporting events, victims were led to believe.

Unsuspecting victims were required to pay a fee for the information, which turned out to be either bogus or obtained from an internet search, prosecutors said.

Many victims drained their savings or retirement accounts altogether.

“All so (Zeidman) could spend it on international vacations, a multi-million dollar residence, and poker tournaments,” said US Attorney Breon Peace.

The case should serve as a warning about so-called investment opportunities that claim to have inside information, Peace said.

Zeidman was expected to make his initial appearance at the federal courthouse in Miami.

The US Attorney’s Office is asking anyone who may have fallen victim to the scheme to contact Homeland Security Investigations (HSI) at 1-866-347-2423.

Prosecutors said Zeidman used the following aliases to dupe victims: Richard Barnes, Walter Barr, Mr. Carlyle, Ray Palmer, Rick Cash, Elliot Stern, Gordon Howard, David Coates, Simon Coates, Paul Knox, Mark Lewis, Joel Orenstein and Steve Nash.

Some of the phony company names included: Gordon Howard Global, Ray Palmer Group, and Grant Sports International.

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