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Professional Poker Player Arrested On Serious Charges

A generic photo of poker chips at The World Series of Poker.

LAS VEGAS - AUGUST 07: Poker player organizes chips while competing in the World Series of Poker no-limit Texas Hold 'em main event at the Rio Hotel & Casino August 7, 2006 in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images)

On Wednesday, professional poker player Cory Zeidman was arrested on charges of fraud and money laundering related to a sports betting scheme.  

Zeidman is facing federal charges of conspiracy to commit wire fraud and mail fraud. The scheme that he was allegedly a part of spanned from 2004 to 2020. 

Over the course of that span, the scheme brought in more than $25 million from alleged victims. 

Homeland Security Investigations New York acting special agent in charge Ricky J. Patel released a statement on this matter. 

"As alleged, Zeidman preyed on individuals who were led to believe 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 -- bilking millions from victims along the way, leaving their lives in financial ruin and their bank accounts empty."

Under this alleged scheme, Zeidman and his co-conspirators used radio advertisements to claim they were "wagering as investing, not high-risk gambling." There was a number listed for people 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 not yet commented on this situation.