NEW YORK (CBSNewYork/AP) — James Dolan, the owner of the New York Knicks and New York Rangers, 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 last year in the Madison Square Garden Company.
A company spokeswoman, Kimberly Kerns, attributed the fine to the failure of a law firm to meet filing deadlines related to Dolan’s stock. She said the law firm agreed to pay the fine “as a result of their mistake.