Former NBA player Damon Jones, currently at the centre of an FBI gambling probe, allegedly used his championship ring as collateral.
Jones was arrested last month amid charges that he disclosed privileged injury information about a ‘prominent’ basketball player to facilitate illegal sports betting.
That player, according to ESPN, is Los Angeles Lakers superstar LeBron James who was not accused of any wrongdoing in the indictment.
Jones was one of 34 people arrested alongside Miami Heat guard Terry Rozier and Portland Trail Blazers head coach Chauncey Billups as part of a lengthy FBI investigation covering more than ten states and involving tens of millions of dollars.
Jones was an unofficial, unpaid member of the Lakers throughout the 2022-23 season. He was welcomed to be a part of team activities, guiding James through pregame shooting drills and the pair spent the summer of 2022 together in offseason workouts.
The indictment alleges that before a Lakers game against the Milwaukee Bucks on February 9, 2023, Jones told a co-conspirator to “get a big bet on Milwaukee tonight” because James was set to be ruled out.
James missed three straight games with left ankle soreness and without his services, the Bucks beat the Lakers 115-106.
As per NBC News, Jones used his ring for the Cleveland Cavaliers’ championship in 2016 as collateral for a $10,00 loan – plus a $4,000 fee – that wasn’t repaid.
Jones played in the NBA for 11 years, including three as James’ teammate in Cleveland from 2005 to 2008 before entering the coaching sphere.
During that year with the Lakers, Jones wasn’t on then-coach Darvin Ham’s staff – instead he was mostly around James without participating in planning or strategy sessions.
Jones earned nearly $22 million in salary as an NBA player but reportedly lost most of his fortune due to expensive tastes such as luxury cars, clothes and houses.
He twice tried to file for Chapter 13 bankruptcy in Texas in 2012 and 2015 but both cases were dismissed, meaning creditors could continue pursuing the debts he owed.
Joe Lyons is a betting industry writer for GamblingIndustryNews with years of experience on reputable gambling websites. Joe specialises in long form content in the world of sports betting and gambling. Joe is recognised as an expert in sports fields such as horse racing, soccer, NFL and NBA.
