Related to a $25m sports betting scheme, Zeidman was arrested on Wednesday.

Cory Zeidman, the former World Series of Poker bracelet winner was arrested on Wednesday and faces federal charges of conspiracy to commit wire fraud and mail fraud.

Along with these charges, Zeidman also faces charges of conspiracy to commit money laundering. This is all part of a sports betting scheme that took place from 2004 to 2020, according to a two-count indictment out of the United States District Court for the Eastern District of New York.

As confirmed to ESPN by a law enforcement source Zeidman is 61 years old and won the WSOP bracelet in 2012.

The federal indictment, which was unsealed on Wednesday, states Zeidman and his co-conspirators received more than $25m in interstate wire transfers and private commercial carriers. The victims of the scheme were led to believe that the organization had privileged information that made betting on sporting events a no-risk proposition.

As part of the scheme, Zeidman and others bought radio ads stating they had a "sophisticated white-collar approach to gathering sports information."

Listeners who contacted the group were told that the operators had privileged information about fixed games. Callers were asked to pay a fee for access to said information. 

Homeland Security Investigations New York acting special agent in charge Ricky J. Patel said: "As alleged, Zeidman preyed on individuals who were led to believe he had inside information that would lead them to easy money." Patel released this statement after the arrest. 

Patel continued: "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."

The co-conspirators in the scheme involving Zeidman have yet to be named.