When Damon Jones Filed For Bankruptcy In 2013, He Had To List His Dog As An Asset

Earlier today, former NBA player and coach Damon Jones appeared in Brooklyn federal court and pleaded not guilty to a pair of gambling-related conspiracy charges. Jones was one of more than 30 defendants indicted in October as part of a sweeping FBI operation targeting illegal betting and rigged poker games allegedly backed by organized crime. Prosecutors say Jones played a key role in both schemes — feeding inside NBA injury information to gamblers and helping lure wealthy victims into high-stakes poker games secretly fixed with hidden technology.

The two overlapping investigations, dubbed "Operation Nothing But Bet" and "Operation Royal Flush," have been described as one of the largest sports-related gambling scandals in decades. Jones and other former athletes allegedly acted as "Face Cards," attracting big-money players with the promise of celebrity games in Las Vegas, Miami, Manhattan, and the Hamptons — only for those games to be rigged in favor of the organizers.

Jones, who earned more than $20 million during his basketball career, was released on a $200,000 bond secured by his parents' Houston home. You might be wondering why someone who earned $20 million in the NBA needed his parents' home as collateral, and/or why said person was allegedly involved in an illegal gambling ring. Well, unfortunately, Damon Jones has experienced some severe financial problems dating back over a decade. He's filed for bankruptcy twice. In his 2013 filing, he had to list his dog as one of his assets.

(Photo by Andres Kudacki/Getty Images)

Years Of Financial Trouble

When Damon Jones first filed for bankruptcy in 2013, his situation was already dire. You know how, when someone files for bankruptcy, they have to submit a detailed list of all their assets and debts to the court? Those assets usually include things like cars, jewelry, savings accounts, or investment holdings. When Damon filed, his financial picture was so bleak that one of the few assets he listed was his dog — a Yorkshire Terrier. The value he attributed to that asset? One dollar.

This bankruptcy filing was eventually dismissed. It's unclear why, but it's likely because he either failed to comply with the court's procedural requirements or never completed the process, not because his debts disappeared. Dismissal means the case was essentially thrown out — creditors could still pursue him, and he didn't get the debt relief a discharge would have provided.

And pursue them they did! At least that's how it appears because, just two years later, Damon filed for bankruptcy AGAIN. This time, he reported between $500,000 and $1 million in liabilities against just $100,000 to $500,000 in assets. He owed roughly $640,000 to creditors, including $47,000 to the Bellagio Hotel and Casino for what court records described as a "breach of contract/confession of judgment." In plain English, he owed the Bellagio for unpaid gambling 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.