Cory Zeidman Admits to Orchestrating Multi-Million Dollar Fraud Targeting Vulnerable Sports Bettors
Central Islip, NY – A sophisticated sports betting scam reminiscent of the high-pressure tactics depicted in “The Wolf of Wall Street” has been brought to justice. Cory Zeidman, 63, of Boca Raton, Florida, pleaded guilty today to federal charges of conspiracy to commit mail and wire fraud. Zeidman and his accomplices orchestrated a nationwide scheme that defrauded aspiring sports bettors out of millions of dollars by falsely claiming to possess insider information.
The elaborate scam, which operated for years, preyed on individuals seeking to make quick profits through sports betting. Zeidman’s organization lured victims through national radio advertisements, promising exclusive access to “guaranteed” winning picks. Using aliases and aggressive sales techniques, they spun tales of connections to professional athletes, corrupt referees, and even media executives who allegedly shared fixed game outcomes.
Victims, convinced they were gaining an edge, paid exorbitant fees for this fabricated “insider information.” In reality, Zeidman and his partners relied on publicly available information and pure speculation. This elaborate web of lies ultimately defrauded victims of approximately $3.6 million, often draining their savings and retirement accounts.
“This wasn’t just a gambling operation; it was a calculated scheme built on deception and manipulation,” stated United States Attorney Breon Peace. “Zeidman and his co-conspirators exploited vulnerable individuals, feeding them false hope and ultimately leaving them financially devastated.”
The Anatomy of the Scam:
- Luring Victims: National radio advertisements promised “risk-free” sports betting opportunities.
- Building Trust: Zeidman and his team used fake names and fabricated stories to establish credibility.
- Creating a Sense of Urgency: High-pressure sales tactics were employed to push victims into making quick decisions.
- Exploiting Vulnerabilities: The scheme targeted individuals seeking financial gain, often preying on their desperation.
Zeidman’s guilty plea marks a significant victory in the fight against fraud and consumer protection within the rapidly growing sports betting industry. The case serves as a stark reminder for individuals to exercise caution and skepticism when encountering offers that seem too good to be true.
Protecting Yourself from Sports Betting Scams:
- Be wary of “guaranteed” wins or claims of insider information.
- Thoroughly research any sports betting service before investing.
- Never send money to individuals or organizations you don’t know or trust.
- Consult with a financial advisor before making significant investments.
If you believe you may have been a victim of this scam, please contact Homeland Security Investigations (HSI) at 1-866-347-2423.
