Jones, who admitted in a US court last week to using performance-enhancing drugs, has returned the three gold and two bronze medals she won in Sydney, USOC chief executive Jim Scherr said on Monday.
"She relinquished this afternoon the medals that were won unfairly at the Sydney Games," Scherr said. "She took the right step by quickly returning the medals.
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"They are in the possession of the USOC and will be returned to the IOC so they can be awarded to the appropriate winners at the Olympic Games."
The 31-year-old American pled guilty Friday to lying to federal investigators and USOC chairman Peter Ueberroth said the next step would be for her to hand back the Olympic medals.
"We have the medals in our possession and they will be returned," Ueberroth said Monday.
Scherr said Jones would also have to forfeit all her competition results since September 1, 2000.
"We also will go after prize bonuses and it is in excess of 100,000 dollars," Scherr said.
"We will ask her to make