Ex-NBA Star Damon Jones Allegedly Used Championship Ring as Collateral
Former NBA player Damon Jones faces serious legal challenges amid allegations of involvement in a major gambling scandal. This scandal has risen to prominence following two federal indictments filed on October 23, 2023. The allegations include granting insider information to sports gamblers and links to fixed poker games associated with organized crime.
Damon Jones’ Financial Troubles
Jones has a long history of financial difficulties dating back to 2013, when he first filed for bankruptcy. At that time, he listed his Yorkshire Terrier as an asset, valued at merely $1. His financial struggles worsened over the years, leading to numerous legal issues regarding unpaid debts.
Bankruptcy Filings
- First bankruptcy filing: 2013.
- Second bankruptcy filing: 2015, reporting liabilities between $500,000 and $1 million.
- Outstanding debts included approximately $640,000 owed to various creditors and $47,000 to Bellagio Hotels and Casino for breach of contract.
Despite these filings, Jones’ financial situation did not improve. By 2023, he was facing eviction from a luxury apartment in Houston. His landlord sought to recover over $11,000 in unpaid rent, and a judge ruled in favor of the management company after Jones failed to appear in court.
Championship Ring as Collateral
In a desperate measure to stabilize his finances, Jones reportedly offered his 2016 NBA championship ring as collateral for a personal loan. Court documents reveal that he borrowed $10,000 from Scott Kerr, but failed to repay it, leaving the ring as an unfulfilled promise.
Accumulation of Debt
Jones’s financial mismanagement has continued to complicate his situation:
- Three individuals have filed complaints against him in 2024, alleging he failed to repay substantial loans.
- Antonio Hooper claimed he lent Jones $4,500, but later sought $20,000 after providing additional funds.
Link to Gambling Scandal
The investigations into Jones form part of two significant federal operations targeting illegal gambling activities. “Operation Nothing But Bet” is focused on sports betting violations, while “Operation Royal Flush” is scrutinizing rigged high-stakes poker games linked to organized crime.
Evidence compiled in the investigations includes financial records, text exchanges, and witness testimony. Jones has yet to enter a plea and is expected to appear in federal court soon.
Arrests in Related Cases
Alongside Jones, several other individuals have been implicated in the gambling scandal. Miami Heat guard Terry Rozier, for example, faces similar charges and has been involved in his own financial disputes, including a federal tax lien for $8.2 million related to unpaid taxes.
This ongoing saga highlights the intertwined nature of financial distress and alleged criminal activities in the world of professional sports.
