James Dolan, the CEO of Madison Square Garden Co. and executive chairman of MSG Networks, will pay more than $600,000 in civil penalties to settle charges by the Federal Trade Commission he violated securities rules.

The FTC said he failed to report in a timely matter his acquisition of additional voting shares in Madison Square Garden Co.

The company owns the New York Knicks professional basketball team and the New York Rangers professional hockey team.

This story is developing. Please check back for updates.

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