NEW YORK (AP) — New York Knicks and Rangers owner James Dolan has agreed to pay more than $600,000 in civil penalties for running afoul of federal securities law.
The Federal Trade Commission said Thursday that Dolan failed to notify federal authorities after acquiring additional stock in the Madison Square Garden Company.
A company spokeswoman told The New York Times the fine stemmed from an administrative error. She says the company’s law firm agreed to pay the fine for missing filing deadlines.
The U.S. Justice Department says the penalty was adjusted downward because it was inadvertent and “promptly self-reported.”
Federal law requires antitrust notifications when the acquisition of voting securities exceeds a certain threshold.