Former NBA player allegedly used championship ring as collateral in federal gambling case
When former NBA player Damon Jones filed for bankruptcy in 2013, he listed his Yorkshire Terrier as an asset, valuing the dog at just $1. A decade later, Jones faced eviction from a luxury Houston apartment and, prosecutors allege, sent a text urging a co-conspirator to bet on the Milwaukee Bucks over the Los Angeles Lakers because a top Lakers player—believed to be LeBron James—was sidelined with an injury.
Jones, once a relatively low-profile former player and coach, was thrust into the spotlight last week when federal prosecutors named him in two separate indictments related to gambling and fixed poker games allegedly linked to organized crime. Court documents spanning more than a decade detail his ongoing financial struggles: he reportedly put his 2016 NBA championship ring up as collateral for a personal loan and was hundreds of thousands of dollars in debt. Jones is scheduled for arraignment in New York and has not entered a plea.
Records indicate Jones’ Houston apartment management filed eviction notices in 2023 for unpaid rent totaling over $11,000, ultimately winning a default judgment after Jones failed to appear in court. His financial difficulties trace back to at least 2013, when his first bankruptcy filing was dismissed. A second filing in 2015 reported liabilities between $500,000 and $1 million and debts of roughly $640,000 to creditors, including $47,000 owed to the Bellagio Hotel and Casino.
Jones also allegedly defaulted on a private loan from Scott Kerr, who reported the 2016 championship ring as collateral, and faced additional claims in 2023 and 2024 from others alleging he failed to repay thousands in loans. One such claimant, Antonio Hooper, said Jones had agreed in writing to pay $20,000 after an initial $4,500 loan, citing text messages in which Jones referenced LeBron James.
Jones is among more than 30 people arrested in related federal investigations, including “Operation Nothing But Bet,” focused on sports gambling, and “Operation Royal Flush,” which targeted rigged high-stakes poker games allegedly tied to the Mafia. Other athletes, including Miami Heat guard Terry Rozier, are charged in the probe for conspiracy to commit wire fraud and money laundering. Rozier has also faced financial troubles, including an $8.2 million IRS tax lien in Florida from 2021, though his attorney claims the actual liability was resolved.
These cases have brought attention not only to alleged gambling schemes but also to the financial instability that appears to have followed some former NBA players after their careers ended, highlighting a mix of personal mismanagement and alleged criminal activity.
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