A professional poker player was arrested on Wednesday for fraud and money laundering related to a sports betting scheme that netted the alleged victims more than $25 million.

Cory Zeidman, of Boca Raton, Fla., faces federal charges of conspiracy to commit wire fraud and mail fraud, and conspiracy to launder money in connection with the scheme that arose spread from 2004 to 2020, according to a two-count indictment. United States District Court for the Eastern District of New York.

A law enforcement source confirmed to ESPN that Zeidman, 61, is a professional poker player who won a bracelet at the 2012 World Series of Poker.

According to the unsealed federal indictment Wednesday, Zeidman and his unnamed co-conspirators received more than $25 million in interstate wire transfers and private commercial carriers over 16 years from victims who were led to believe that the organization had privileged information allowing betting on sporting events. a risk-free proposition.

As part of the scheme, Zeidman and his co-conspirators placed deceptive radio advertisements in various U.S. markets, claiming to have a “sophisticated white-collar approach to gathering sports information”.

When auditors contacted the service, which used names such as “Gordon Howard Global” and “Ray Palmer Group”, they were told that the organization had inside information about the fixed games it received from doctors in the universities and television executives, according to the indictment. Callers were asked to pay a fee to access the information.

“As alleged, Zeidman preyed on individuals who were tricked into believing he had inside information that would lead them to easy money,” Homeland Security Acting Special Agent Ricky J. Patel said. Investigations in New York, in a press release announcing the arrest. “In reality, he was selling nothing but lies and misinformation – defrauding millions of victims along the way, leaving their lives in financial ruin and their bank accounts empty.”

U.S. Attorney Breon Peace said in the statement that Zeidman ‘defrauded’ his victims and persuaded them to ’empty their retirement accounts to invest in his bogus sports betting group, all so he could spend it on vacation. international institutions, a multi-million dollar residence”. and poker tournaments.”