He was suspected of adding to or reducing his wager on a gambling game after the outcome was known, according to the board.
TMZ reported further details, saying that Oakley pulled back a $100 chip once he realized he was about to lose his bet.
Security video of the incident supported Oakley's claim that the ejection was ordered by team owner James Dolan, who claimed the long-time power forward was acting drunk and belligerent towards the team. After they reviewed the footage, Oakley reportedly was booked at Clark County Detention Center.
He's most well known for his runs with the Chicago Bulls (1985-88), New York Knicks (1988-98), and Toronto Raptors (1999-2001). The offense is considered a Class B felony and could come with a prison sentence of 1-6 years and up to $10,000 in fines.
Oakley now serves as a head coach in Ice Cube's three-on-three league, BIG3.
Oakley was recently cleared of misdemeanor assault charges stemming from a scuffle with Madison Square Garden security guards a year ago in which he was violently ejected from the stadium during a game. Oakley was charged with misdemeanor assault and trespassing, among other charges.Oakley later agreed to a plea deal to have the charges dropped and subsequently filed the civil suit.
Oakley now is the head coach of the Killer 3's in Ice Cube's BIG3 League. Over the course of 19 National Basketball Association seasons, he also played for the Raptors, Wizards and Rockets. Criminal charges were dismissed in February of this year, but Dolan has banned Oakley from Madison Square Garden for life.