Ex-Duane Reade Execs Fight Feds On Losses In Fraud Case

Law360, New York (July 12, 2011, 5:21 PM EDT) -- Two former Duane Reade Inc. executives awaiting sentencing for artificially inflating the value of the drugstore chain told a New York federal court Monday that prosecutors failed to prove any losses suffered by the private equity firm that acquired the company in 2004.

Former Duane Reade CEO Anthony Cuti and ex-Chief Financial Officer William Tennant both filed memorandums of law following a hearing on the alleged loss, arguing that the government has not shown that the securities fraud scheme they were convicted of perpetrating had injured...
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