Ex-Duane Reade Execs Found Guilty In Fraud Case

Law360, New York (June 8, 2010, 7:18 PM EDT) -- A jury has convicted former Duane Reade Inc. executives Anthony Cuti and William Tennant of securities fraud in an alleged scheme to inflate the drugstore chain’s income using sham real estate deals.

After deliberating a little longer than a day, the jury returned its verdict Tuesday afternoon in the U.S. District Court for the Southern District of New York following an at-times gruelingly detailed trial that spanned roughly two months.

Although federal prosecutors had sought convictions on conspiracy, false statement and securities fraud charges for both...
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