Oakley was accused of adding or reducing his wager on a table game after the outcome was known. He was arrested by Nevada Gaming Control Board Enforcement agents.
Former NBA player Charles Oakley was arrested at the Cosmopolitan hotel-casino in Las Vegas on July 8 after he was accused of cheating.
It's unclear what game he was playing at the time, but the incident was caught on camera.
The violation is considered a Class B felony. If convicted, Oakley could face 1 to 6 years in prison and a fine up to $10,000.
Oakley's lawyer told ESPN that is is not a "significant matter" and they expect it to be resolved quickly.
Oakley played for 19 seasons, including 10 seasons with the New York Knicks.