Sports betting boss charged with bilking customers out of $25 million with bogus gambling tips

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Losing your shirt was a sure bet.

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The Florida head of a high-priced sports gambling tip service has been charged with allegedly fleeing customers $25 million from college and pro games with the promise of “sure bet” insider information that was made online or widely available. Is.

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Corey Zeidman, 61, of Boca Raton, ran a group that bought ads on sports radio programs across the country to promote his sports gambling service, claiming the insider information was so good it made betting risk-free. made the motion, according to federal prosecutors.

Billing the service more as an investment vehicle than pure gambling, customers were lured into paying large fees to “get on the ground” of a major money-making opportunity.

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Zeidman and his teammates said they got their information from people inside sports organizations or medical personnel working with teams, but prosecutors say much of what was offered was made up or simply from online searches. was obtained through

In the end, many customers lost their shirts rather than hit big, and prosecutors say Zeidman earned at least $25 million in fraudulently obtained money over a 15-year period. Prosecutors said some people lost their entire savings in the fraud.

Zeidman defrauded his victims, stole their life savings and persuaded them to drain their retirement accounts to invest in his fictitious sports betting group, so that he could use it on international holidays, multimillion-dollar residency and poker tournaments. Can afford,” Brian said. Peace, US attorney for the Eastern District of New York where the case was filed.
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A message left to Zeidman’s lawyer was not immediately returned.

According to court documents, the service operated out of Florida and Long Island under several names including Gordon Howard Global, Ray Palmer Group, Grant Sports International and the Phoenix Organization.

A World Series of Poker bracelet winner with approximately $700,000 in career earnings, Zeidman reportedly also went by a number of aliases, including Richard Barnes, Walter Barr, Mr. Carlyle, Rick Cash, Joel Orenstein and Steve Nash.

Zeidman was arrested in Florida on Wednesday on charges of conspiracy, wire fraud, mail fraud and money laundering.

According to the indictment, prosecutors are looking to seize several bank accounts containing hundreds of thousands that have been linked to fraud, as well as two homes in Florida.

Officials said anyone who believes they may have been the victim of alleged fraud can contact the Department of Homeland Security’s investigative unit at 1-866-347-2423.

Credit: www.marketwatch.com /

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