Earlier today, former NBA player and coach Damon Jones stood before a federal court in Brooklyn, entering a not guilty plea in response to two conspiracy charges linked to gambling activities. Jones is among over 30 individuals indicted in October following an extensive FBI probe targeting unlawful gambling operations and manipulated poker games purportedly backed by organized crime. According to prosecutors, Jones played a pivotal role in these schemes, providing inside NBA injury information to gamblers and enticing affluent individuals into high-stakes poker games that were allegedly rigged using covert technology.

The investigations, labeled “Operation Nothing But Bet” and “Operation Royal Flush,” are being touted as some of the most significant sports-related gambling scandals in recent history. The operations involved Jones and other former athletes acting as “Face Cards,” a term used to describe those who draw in high-stakes players by promising celebrity-laden games in glamorous locations such as Las Vegas, Miami, Manhattan, and the Hamptons. However, these games were reportedly manipulated to benefit the organizers.

Despite having earned over $20 million during his basketball career, Jones was released on a $200,000 bond secured by his parents’ home in Houston. This curious requirement raises questions about why someone with such earnings would need to use his parents’ home as collateral or why he would be involved in an illicit gambling ring. Unfortunately, Jones has faced severe financial difficulties for over ten years, having filed for bankruptcy twice. In his 2013 bankruptcy filing, he was in such a dire financial state that he had to list his dog as an asset.

(Photo by Andres Kudacki/Getty Images)

Years Of Financial Trouble

Jones’ first bankruptcy filing in 2013 painted a grim picture. Typically, individuals filing for bankruptcy must provide the court with a comprehensive list of their assets and debts. These assets generally include items like cars, jewelry, savings accounts, or investments. However, Jones’ financial situation was so desperate that among his listed assets was his Yorkshire Terrier, valued at a mere dollar.

This initial bankruptcy filing was later dismissed, though the reasons remain unclear. It might have been due to non-compliance with court procedures or failure to complete the necessary processes, rather than any resolution of his financial woes. A dismissal meant that his creditors still had the right to pursue him, and he did not receive the debt relief that a discharge would offer.

Indeed, his financial troubles persisted, as evidenced by his second bankruptcy filing two years later. This time, Jones reported liabilities ranging from $500,000 to $1 million, against assets valued between $100,000 and $500,000. He owed approximately $640,000 to creditors, including a $47,000 debt to the Bellagio Hotel and Casino, cited in court records as a “breach of contract/confession of judgment,” which translates to unpaid gambling debts or credit markers.

The pattern didn’t stop there. In 2019, a man named Scott Kerr sued Jones for failing to repay a $10,000 loan that carried a $4,000 fee. Jones allegedly pledged his 2016 NBA championship ring as collateral — and then never turned it over. Between 2023 and 2024, three more creditors filed lawsuits against him, each claiming Jones failed to repay personal loans totaling tens of thousands of dollars. One Houston man said Jones agreed in writing to pay him $20,000 after borrowing just $4,500, and even referenced “Bron” in text messages, apparently to suggest he still had connections to LeBron James and other NBA insiders.

By 2023, things had worsened further. Jones was living in a luxury apartment complex in Houston but had fallen thousands of dollars behind on rent. His property managers filed eviction notices twice that year, once claiming he owed $5,600 and again seeking more than $11,000. Both times, Jones failed to appear in court, and judges issued default judgments against him.

Public records also revealed that Jones used his 2016 championship ring as collateral for another personal loan, and that the ring may have been seized or lost in the process. Over the years, he appeared to be living off a mix of loans, small gigs, and connections to former NBA players — a sharp contrast to the multimillion-dollar contracts he once signed as a respected shooter alongside LeBron James in Cleveland.

And now he’s facing the trial of his life, using his parents’ home to secure his freedom. Unclear if his Terrier was offered as collateral.