Knicks owner Dolan to pay to set­tle se­cu­ri­ties vi­o­la­tions

The Washington Times Daily - - SPORTS -

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.

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