Taylor, 25, turned himself in on Aug. 6, Hoboken police confirmed to NJ.com.
Police say Taylor tried to pass off the phony money order at the check cashing section of the Big Banner Food Store on May 18.
The owners of the store say they filed a complaint with police after learning the order was fraudulent and Taylor refused to pay back the money.
Following his arrest, Taylor was released after posting bail. He couldn’t be reached for comment.
The Nets acquired Taylor, the 41st overall pick, in a draft-day trade in 2012, making him the first player the team ever acquired through the draft in their Brooklyn era. After two seasons as a little-used backup, Taylor bounced from the D-League to overseas, most recently playing in Puerto Rico.