Knicks owner Dolan to pay to settle securities violations
James Dolan, the CEO of the company that owns the New York Knicks and Rangers will pay $609,810 in civil penalties to settle Federal Trade Commission and Justice Department allegations he violated securities rules, the departments said Thursday.
Mr. Dolan is the CEO of the Madison Square Garden Co. and executive chairman of MSG Networks. The FTC said he failed to report in a timely manner his acquisition of additional voting shares in Madison Square Garden Co. The FTC said Mr. Dolan did make a filing, but was in “continuous violation” of the rules for about three months in 2017. The maximum fine for the violation of the Hart Scott Rudino Act is roughly $41,000 a day, the Justice Department said.