WSOP Champ Corey Zeidman Pleads Not Guilty to $25M Fraud Scheme

Corey Zeidman, a WSOP bracelet winner, has pleaded not guilty to charges of conspiracy to commit wire fraud, mail fraud and money laundering conspiracy. Zeidman is accused of being the mastermind behind the 'Phoenix Organization,' a sports-betting ring that allegedly made at least $25 million from 2004 to 2022 by peddling falsified information to unwitting clients. His clients were duped into believing that Zeidman and his associates had inside knowledge of college and professional sporting events, and they paid for the fictitious tips.

Zeidman appeared in United States District Court Eastern District of New York this week along with his attorney, Morgan Zeidman, and pleaded not guilty in front of Judge Joanna Seybert. Quoting Nietzsche, Zeidman said, 'Everything the state says is a lie and everything it has it has stolen.' He added: “They took all my money and they seem upset that I won't plead to things I haven't done. I’ve been advised by my council to not get into details but I anxiously await my day in court.”

According to United States Attorney, Breon Peace, Zeidman and his co-accused “swindled his victims, stole their life savings, and convinced them to deplete their retirement funds to invest in his spurious sports betting syndicate so that he could spend the cash on international vacations, a multimillion-dollar home, and poker tournaments.” Federal prosecutors claim that Zeidman used multiple identities and numerous shell companies to carry out the fraud. Zeidman won his WSOP gold in 2013 in the $1,500 Seven Card Stud Hi-Lo 8 or Better, a win worth $201,559. Zeidman will face a pre-trial conference on June 24th.