The National Transportation Safety Board announced the results Wednesday of the investigation into the May 2014 crash in Bedford, Mass.
The Gulfstream G-IV business jet overran the runway, crashed into a ravine and caught fire.
The NTSB said the crew engaged a device that prevents control surfaces from moving when the jet is parked, but did not disengage it before takeoff.
The system was meant to prevent the throttle from being moved more than 6 degrees, but the throttle was moved almost four times that amount.
Katz was a philanthropist and businessman who once co-owned the New Jersey Nets and New Jersey Devils.