Patel has just finished speaking. He says the conspiracy cheated victims out of $7m and placed the public at risk so the defendants could "cash out".

He says the scheme was first uncovered four years ago and the case involved global reach and financial depth.

Patel says that if someone exploits their community, they can expect law enforcement at their door.

Ricky Patel from the Homeland Security Investigations says this morning agents descended on defendants including the former NBA players and coaches.

The raids seems like a Hollywood production but it wasn't luck or theatrics, he says. They were evidence-driven, relentless, and a unified law enforcement effort via "Operation Royal Flush" , which first uncovered this scheme more than four years ago.

Patel adds that agents dedicated hours to identify patterns and follow the money to discover a sprawling criminal enterprise.

Raia says the FBI has never taken its "eye off the ball" when it comes to Italian organised crime in New York.

He says they will not permit any crime organisations to operate in the city of the country, he says.

"This is only the tip of the iceberg," he says, adding the FBI is working day and night to ensure members of the five families "cannot continue to wreak havoc in our communities".

Image source, USAO Eastern District of New York/YouTube

We've just heard from Christopher Raia, the FBI assistant director of the New York field office.

He says the investigation was a "massive nationwide takedown" of 34 defendants spanning two separate cases where he says the odds were "rigged in their favour".

He says the case involved 13 members and associates of the Bonanon, Genovese and Gambino crime families. The case also involved former and current NBA players, including Rozier, and coaches, including Billups.

Three of the defendants were charged in both of the cases, he says.

Reia says the defendants "hustled" unwitting victims out of tens of millions of dollars to fund the Italian crime families in New York.

Nocella says some of the defendants used special contact lenses and eye glasses to read pre-marked cards, and an X-ray table that could read cards when they were face-down.

The mafia became involved in the rigged games and took a cut of proceedings and enforced collection of debts, he says.

Nocella says the illicit money from the poker games was then laundered via bank wires and crypto currencies.

The suspects also allegedly committed acts of violence, including a gun point robbery to obtain rigged card shuffling machine, and extortion against victims.

He says the defendants in rigged poker games are charged with wire fraud conspiracy, others have been charged with money laundering, robbery and extortion.

Image source, IMAGN IMAGES/Reuters Connect

Talking about the NBA basketball gambling case, Nocella lists a number of defendants, including current NBA player Terry Rozier.

He says between December 2022 and March 2024 the defendants perpetrated a scheme to defraud by betting on inside, non-public information about NBA athletes and teams.

They placed hundreds of thousands of dollars in fraudulent bets, mostly based on individual player performance, he says, and most bets succeeded.

They then laundered their illegal winnings in various ways, he says, adding each defendant has been charged with conspiracy to commit wire fraud and money laundering.

Nocella is getting into the intricate details of the poker scheme.

The defendants "fleeced the victims" out of tens or hundreds of thousands of dollars per game, he says.

He says they used "very sophisticated" technology like off-the-shelf shuffling machines that were altered that some of the defendants provided in exchange for a share of the profits.

The altered technology could read the cards and predict who had the best deck and relay that information, Nocella says.

That info was sent to a co-conspirator at the table known as the "quarterback", according to Nocella.

The quarterback then signalled that information to other plays who used it to win games, Nocella explains.

The illegal gambling case began in 2019, Nocella says, with defendants allegedly using wireless cheating technology to run rigged poker games in the Hamptons, Las Vegas, Miami, and Manhattan.

He says the targeted victims called "fish" were lured to play in rigged games with former professional athletes, called "face cards." Those included Chauncey Billups and Damon Jones.

The victims didn't know that the everybody else including dealer and other players were in on the scam, Nocella says.

Image source, USAO Eastern District of New York/YouTube.

US attorney for the Eastern District of New York, Joseph Nocella Jr, says he is announcing indictments in two major cases, both involving fraud.

One involves sports betting, and the other involves illegal gambling, "very specifically rigged poker games", he says.

The first indictment involves six defendants who are alleged to have participated in "one of the most brazen sports corruption schemes since online sports betting became widely legalised".

He says it exploited confidential information about NBA athletes and teams.

The other involves 31 defendants are alleged to have participated in a scheme to rig illegal poker games and steal millions of dollars in games backed by crime families of La Cosa Nostra.

Prosecutors are still walking us through the charges against a host of defendants.

They say there are several cases that are related, but separate.

US Attorney Joseph Nocella says all defendants are innocent until proven guilty.

But, he warns them: "Your winning streak has ended. Your luck has run out."

Patel says the investigations have spanned several areas including money laundering and crypto fraud.

He says this shows that under Trump's leadership will not tolerate this kind of fraud. He thanks other law enforcement partners and prosecutors and investigators.

Patel adds that the government will ensure accountability and that the alleged suspects will have their day in court where evidence will be presented.

Patel says he and others are in New York to announce historic arrests "across a wide-sweeping criminal enterprise that envelops both the NBA and La Cosa Nostra".

The team there have brought "profound justice", he says.

He says individuals such as Chauncey Billups, Terry Rozier Damon Jones have been taken into custody today.

"This is an illegal gambling operation and sports rigging operation that spanned the course of years. The FBI led a coordinated takedown across 11 states to arrest over 30 individuals today," he says, adding the case is ongoing.

Image source, Reuters

FBI Director Kash Patel tells reporters that the investigation took down members of the NBA and several crime families.

He says it is a part of the FBI's mandate to keep America safe and keep the entertainment industry fair and secure.

Patel calls the fraud that took place "mind-boggling".

He says the fraud involved tens of millions of dollars in theft and robbery across many years.

Officials have started speaking at a new conference on the ongoing cases into illegal betting involving some NBA stars.

We'll bring you the latest updates - you can follow along by clicking Watch live above.

John Marzulli, the public information officer for the Eastern District, has just told reporters that those who have been arrested will appear in court later today in the places they were arrested.

Billups will appear in Portland following Trail Blazers' home game overnight.

Rozier was in Orlando for the Miami Heat's defeat to the Magic, although he did not play in the game.

They'll be arraigned in court in Brooklyn, New York, where the investigation took place, at a later date.

As we wait for the news conference to get under way, we can bring you some more information about the arrests.

Though these high-profile arrests have happened on the same day, they are part of separate but related illegal gambling cases, CBS reports.

Miami Heat player Terry Rozier was among six people arrested, including other players who may have faked injuries, according to reports.

Portland Trail Blazers coach Chauncey Billups, meanwhile, is one of 31 people charged in a separate illegal poker game case involving coaches and organised crime figures, law enforcement sources told CBS.

As we reported earlier, former NBA player Damon Jones has also been arrested, according to CBS.

FBI Director Kash Patel and other law enforcement officials are expected to speak shortly.

Stick with us as we bring you the latest lines, and you can click watch live at the top of this page.

Image source, NBAE via Getty Images

The list of NBA figures arrested in connection to a betting investigation is growing. Former NBA player Damon Jones has also been arrested, according to CBS News, the BBC's US partner.

Jones played for a range of teams in his 10 year playing career including the Miami Heat, Milwaukee Bucks and the Cleveland Cavaliers, where he spent three seasons.

Jonty Colman
BBC Sport Journalist

Portland Trail Blazers head coach Chauncey Billups oversaw his side's opening night 118-114 defeat to the Minnesota Timberwolves at the Moda Center in Portland. That match finished at around 22:00 PST on Wednesday (06:00 BST on Thursday).

Billups held a post-match press conference following the game, further shortening the window in which these arrests would have taken place.

Meanwhile, Terry Rozier, who was named among the Miami Heat's official squad list for the opening night matches, did not play for the Heat in their 125-121 defeat to the Orlando Magic overnight.

Rozier was not listed as an injury absentee but was reportedly at a hotel in Orlando when the arrest took place on Thursday morning.

That game started at 19:00 EST (00:00 BST on Thursday).

Image source, Reuters