WASHINGTON, D.C. — Madison Square Garden Company Executive Chairman James Dolan has agreed to a more than $600,000 settlement to resolve charges by the federal government of failing to report voting securities of the company in the required time frame.
According to the Department of Justice, the Federal Trade Commission (FTC) alleged Dolan violated the Hart-Scott Rodino (HSR) Act of 1976 when he did not notify the FTC of his additional voting securities in Madison Square Garden and did not follow the required waiting period before obtaining the shares.
According to the FTC, https://www.ftc.gov/news-events/press-releases/2018/12/ftc-charges-executive-whose-company-owns-new-york-knicks-new-york, companies and individuals are required to notify the federal agencies when acquisitions create an increased value over a certain limit and must also abide by the waiting period requirements for their transactions can be completed.
Individuals and companies can face a current maximum civil penalty of more than $40,000 per day for HSR violations, the DOJ said.