Oakley was arrested at the Cosmopolitan of Las Vegas on July 8 for allegedly cheating.
Charles Oakley was arrested at a Las Vegas casino "on suspicion" for cheating, the Nevada Gaming Control Board confirmed in a statement to Sports Illustrated.
Oakley, 54, was arrested on July 8 at 5:30 p.m. at the Cosmopolitan of Las Vegas and booked at Clark County Detention Center.
"Mr. Oakley was suspected of adding to or reducing his wager on a gambling game after the outcome was known," the report said.
The violation is a Class B felony. If convicted, Oakley could face a one to six year sentencing or a fine of no more than $10,000, according to ESPN.
"This is not a significant matter and we expect it to be resolved quickly," Oakley's attorney, Alex Spiro, told ESPN.
Oakley played in the NBA for 19 seasons, including 10 years with the New York Knicks. However, Oakley's relationship with the Knicks has been strained for years because of his criticism of James Dolan, Madison Square Garden's chairman.
In 2017, Oakley was thrown out of the Garden after an altercation. Oakley was arrested by the NYPD and charged with three counts of assault for hitting security guards. The charges against Oakley were later cleared as part of an agreement, which included banning him from the arena for a year.
Oakley currently coaches the Killer 3s of the Big3 league.