Although the details of the game he was playing remain unclear, sources tell the publication that the ex-baller tried to retrieve his $100 chip after he realized he was going to lose.
The Knicks icon was arrested at a Las Vegas casino on Sunday, TMZ Sports reported, for allegedly trying to cheat while gambling. After security confronted him, Oakley was taken into custody around 5:30 p.m.
Oakley, 54, is charged with committing or attempting to commit a fraudulent act in a gaming establishment, the report said.
Oakley played 19 seasons in the National Basketball Association, 10 of which were with the Knicks, before retiring in 2004 with the Rockets. If convicted of a first offense, the violator is subject to a sentence of 1-6 years in a state prison and a fine of no more than $10,000.
Oakley now is the head coach of the Killer 3's in the IG3 basketball league and a source close to him states, "This is an insignificant matter that will be quickly resolved".
Oakley is also facing a string of unrelated minor charges, most notably a civil suit against Madison Square Garden and Knicks Owner James Dolan following a courtside bust-up in February 2017.
In May 2011, Oakley filed a lawsuit against the Aria Resort & Casino in Las Vegas for an alleged "gang-style beat down" by security in 2010.
Charles Oakley is in legal trouble for the second time in the last year-and-a-half.