Ex-NBA Star Damon Jones Arrested in FBI Gambling Probe After Using Championship Ring as Loan Collateral

Damon Jones, a former NBA player and coach, is at the center of two federal investigations into illegal gambling and rigged poker games, accused of providing insider information to sports gamblers and involvement in Mafia-linked poker schemes. Jones has faced long-term financial difficulties, including multiple bankruptcies since 2013, unpaid debts totaling hundreds of thousands of dollars, and eviction proceedings in 2023. Notably, he used his 2016 NBA championship ring as collateral for a $10,000 loan that he failed to repay, leading to a civil complaint filed by lender Scott Kerr. Prosecutors allege Jones provided tips on player injuries and game details to bettors, including information about LeBron James' playing status, which were part of the broader gambling operations dubbed "Operation Nothing But Net" and "Operation Royal Flush." Jones and fellow former NBA player Chauncey Billups were reportedly used as "face cards" to attract participants to the rigged poker games. The revelations have sent shockwaves through the basketball community and highlight Jones' ongoing financial and legal struggles amid the scandal.