Damon Jones used Cavaliers championship ring as loan collateral years before FBI arrest

Damon Jones, who was arrested last week for his alleged involvement in separate illegal sports betting and rigged poker schemes, used his ring for the Cavaliers’ championship in 2016 as collateral for a $10,000 loan — plus a $4,000 fee — that wasn’t repaid, according to NBC News.

Jones spent 11 years in the NBA as a player — including three as LeBron James’ teammate with Cleveland from 2005-08 — before shifting into coaching, and he worked with the Cavaliers’ G League team before Tyronn Lue put him on the staff by the time that playoff run began, according to The Athletic.

He allegedly took out a loan from Scott Kerr that was supposed to be repaid by Aug. 28, 2017, according to NBC News, which cited documents.

Kerr eventually filed a civil complaint in 2019 asking for “$100,000 or less” in monetary relief, the outlet added.

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It’s the latest strange twist with Jones’ involvement in the scandal that shocked the league last week, when Trail Blazers head coach Chauncey Billups and Heat guard Terry Rozier were among nearly three dozen people arrested for alleged involvement in the scandals.

Billups and Jones allegedly served as the “face cards” to draw in people for rigged poker games with connections to the Mafia, while Jones also allegedly provided a tip to someone in the betting ring that James wouldn’t play in the Lakers’ February 2023 game against the Bucks.

He also allegedly received $2,500 for providing a tip that “one of the Lakers’ best players during the 2023-2024 season” would only log limited minutes because of an injury during a January 2024 game.

However, that tip backfired when the Lakers won the game.

Jones also listed his Yorkshire Terrier as an asset worth $1 when filing for bankruptcy in 2013, according to NBC News, and he was allegedly hundreds of thousands of dollars in debt with what the outlet described as “persistent financial problems.”

Three additional people filed complaints against Jones between October 2023 and November 2024, alleging that he owed them thousands in loan repayments, according to NBC News.

Michael Osborne, a professional gambler and sports bettor, told The Post’s Kyle Schnitzer that Jones was a “bad generate gambler” who would use his relationship with James as a “business card for people to gain some trust in opening up some doors for him.”

In addition to being James’ teammate for three seasons, Jones was on the Cavaliers’ staff from 2016-18 as an assistant coach.