If the FBI’s “Operation Nothing But Bet” into the NBA betting ring will be made into a Netflix docuseries (chances are it’s already being discussed), this would be episode 3. After the arrests and the revelations, come the start of the trials. Damon Jones arrived at Brooklyn Federal Court on Thursday to be arraigned. He is facing multiple charges related to fixing poker games and selling unofficial team information – charges he is denying. Amid the legal proceedings, Jones is not going to be languishing in custody. In that hypothetical documentary, there would be a sitdown with his family that would explain why.

The former NBA player-turned-coach went from relative anonymity to one of the frontmen of the biggest scandals the NBA has faced in this decade when he was arrested on October 23 along with Miami Heat’s Terry Rozier and Portland coach, Chauncey Billups. He arrived in court on November 6 and pleaded not guilty to all the charges.

The 49-year-old acknowledged he read the indictments brought against him and that he understood the charges and his bail conditions. By retaining his right to fight, he will remain free pending trial. He is currently out on a $200,000 bail that came at a steep price. His mother and stepfather put up their Texas home as collateral for the bond.

In a documentary, archival footage would span from 1998 to 2009 to depict Jones’ mediocre NBA career interspersed with a childhood in Galveston. He went from a young LeBron’s teammate to coaching him after retiring. His NBA career earnings alone total around $21.7 million. But a spate of financial troubles led to a bankruptcy filing in 2013.

Terry Rozier had a $97 million contract with the Hornets and Chauncey Billups reportedly got a raise on his previous $4.7 million contract. While both are on unpaid leave from the NBA they don’t hurt as much as Jones who never recovered financially.

He’s in no position to post his own bond and his mother had to use her home for that. There are stringent conditions on the bail agreement too. His travel is restricted to parts of Texas, where he is a native of, and New York City, where he was arraigned. He was allowed to keep his passport to use as identification for flying until he obtains a REAL ID,  He is due back in court for a preliminary conference with other defendants Nov. 24.

What happens to the family residence is unclear. But this won’t be the first time that Jones and his family have been at the risk of losing a home.

Damon Jones doesn’t have a home to use as collateral

The charges against Damon Jones stems from allegedly profiting from rigged poker games and providing non-public information. The latter, according to the FBI investigations, includes disclosing the injury status of LeBron James and Anthony Davis, to sports bettors during his time on the Lakers coaching staff.

The ensuing proceedings revealed his bankruptcy history and eviction records. When he filed for bankruptcy in 2013, he had listed his Yorkshire Terrier as an asset. The dog was valued at $1. Another time he was in six-figures deep into depth and listed the 2016 championship ring he won as a Cavaliers coach as collateral for a personal loan.

Jones’ first bankruptcy filing was dismissed. He re-filed twice more at least. He claimed to have $500,000 to $1 million in liabilities and assets in the range of $100,001 to $500,000.

In 2023, he was on the verge of being evicted from his luxurious Houston residence. The property management company claims he owed them $5,600 in rent. Within two months, separate filings showed that number blew up to $11,240.  According to FBI documents, that was when he contacted a co-conspirator to bet on the Bucks as a top Lakers player, allegedly LeBron, was injured.

His address is still listed as that same Houston residence. However, given this history, and no ring and pooch to pawn, that wouldn’t be a probable collateral and it was his mother’s home that was used for his bail.