Malik Beasley is no longer a target of the federal gambling investigation conducted by the Eastern District of New York, his attorneys Steve Haney and Mike Schachter told ESPN on Friday.
Malik Beasley Had Been Under Federal Investigation Since June
Haney and Schachter received determination on Beasley not being considered the target after allegations surfaced pertaining to gambling on NBA games and prop bets during the 2023-24 season.
“Months after this investigation commenced, Malik remains uncharged and is not the target of this investigation,” Haney said. “An allegation with no charge, indictment or conviction should never have the catastrophic consequence this has caused Malik. This has literally been the opposite of the presumption of innocence.”
ESPN’s Shams Charania reported on June 29 that Beasley was under a federal investigation, resulting in all of his free agent negotiations and offers being halted one day before the official start of free agency.
At least one prominent U.S. sportsbook detected “unusual heavy betting interest” on Beasley’s statistics dating back to early last year. A gambling industry source cited a game between the Milwaukee Bucks and the Portland Trail Blazers on Jan. 31, 2024.
The odds on Beasley grabbing fewer than 2.5 rebounds moved significantly at sportsbooks before the game, dropping from about +120 to around -250 due to a surge of action on the under. Beasley ended up recording six rebounds, and all of the under bets lost.
Pistons Initially Offered Beasley A Multi-Year Deal
Beasley and the Detroit Pistons were set to complete a three-year, $42 million contract to bring the 28-year-old back, but that proposal was withdrawn after the franchise became aware of the federal investigation.
Other interested teams also paused conversations with Beasley.
However, several teams have reportedly maintained contact with Beasley’s representation during the past few weeks about his status, per Charania.
Beasley, 28, signed a one-year, $6 million contract with Detroit last July.
According to ESPN’s Bobby Marks, as a result of the Pistons signing Caris LeVert to the full mid-level exception, the maximum Beasley can re-sign with the Pistons for is $7.2 million.
“Teams that have an exception to sign Beasley to a contract greater than $7.2 million include the Chicago Bulls, Indiana Pacers, New Orleans Pelicans, Sacramento Kings, and Washington Wizards. The Brooklyn Nets also have cap space in excess of more than $20 million,” Charania wrote.
Beasley, who finished second in Sixth man of the Year award last season, appeared in all 82 games (18 starts) last season, his first season with Detroit over a nine-year NBA career.
The Florida State product averaged 16.3 points, 2.6 rebounds, 1.7 assists, and 27.8 minutes per contest while shooting 43% from the field and a career-best 41.6% from 3-point territory.
According to Basketball Reference, Beasley made 319 3-pointers, the most in a season in Pistons franchise history and the second most in the NBA behind Minnesota Timberwolves star guard Anthony Edwards.
Beasley Was Evicted From His Detroit Apartment
Beasley was reportedly evicted from his Detroit apartment on Aug. 6. according to Robert Snell of The Detroit News.
This eviction came following two lawsuits after Beasley failed to pay rent for his downtown high-rise apartment at The Stott, which is part of Cleveland Cavaliers owner Dan Gilbert’s business ventures.
The landlord has sued Beasley twice this year after he did not pay a “collective” $21,500 in rent, per Snell.
Beasley did not respond to the second lawsuit, which claimed he did not pay $7,355. That ultimately led to a default judgment being filed against him.
The Atlanta native is now faced with more than $8 million worth of personal debt.