A professional poker player was arrested Wednesday on charges of fraud and money laundering related to a sports betting scheme that brought in more than $25 million from alleged victims.
The United States District Court for the Eastern District of the United States has indictments against a man who is from Boca Raton, Florida, for conspiracy to commit wire fraud and mail fraud.
A law enforcement source has confirmed to me that I am a professional poker player who won a bracelet at the 2012 World Series of Poker.
Over the course of 16 years, the organization received more than $25 million in interstate wire transfers and private commercial carriers from victims who believed the organization had privileged information that made betting on sporting events a no-risk proposition.
As part of the scheme, Zeidman and his co-conspirators placed misleading radio ads in various U.S. markets, claiming to have a sophisticated white-collar approach to gathering sports information.
According to the indictment, the organization had privileged information about fixed games that it received from physicians at colleges and television executives. People were asked to pay a fee for access to the information.
According to the release announcing the arrest, Zeidman preyed on individuals who were led to believe he had inside information that would lead them to easy money.
The United States Attorney Breon Peace said in the statement that he defrauded his victims and persuaded them to drain their retirement accounts to invest in his bogus sports betting group so he could spend it on international vacations.
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