As a player, Oakley developed a reputation as a brawler on the court.
The agency says in a statement that Oakley is suspected of "adding to or reducing his wager" on a game after the outcome was known.
If convicted of committing a fraudulent act at a gaming establishment, Oakley would face one-to-six years in prison. Oakley was booked into the Clark County Detention Center without incident, the board said.He is scheduled to appear in court August 7.
Oakley allegedly tried to take back a $100 chip he had wagered after realizing he was going to lose, but it's not known what game the former Knicks star was playing at the casino.
Over a decade into retirement, Oakley is living the life of still-beloved former athlete and now coaching the Killer 3s of the BIG3 basketball league.
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The White House did not say how much of the debt came from ticket purchases, or name the friends involved in the transactions. In 2016, Kavanaugh reported having between $60,000 and $200,000 in debt accrued over three credit cards and a loan.
Oakley now is the head coach of the Killer 3's in Ice Cube's BIG3 League.
Last year, he was escorted from his seats at Madison Square Garden and arrested after an altercation near team owner James Dolan. Oakley got in a fight with a security guard, causing a pause in the game, before being dragged away. Dolan suggested Oakley was drunk and heckling him, and Oakley was arrested for assault, harassment and trespassing.