Ex-Duane Reade CEO Gets 3 Years In Fraud Case

Law360, New York (August 22, 2011, 6:44 PM EDT) -- A New York federal judge on Monday sentenced a former CEO of Duane Reade Inc. to three years in prison and fined him $5 million for allegedly scheming to inflate the pharmacy retailer's reported earnings before a private equity firm bought it.

U.S. District Judge Deborah A. Batts also sentenced Anthony Cuti, 65, to three years of probation, after the former Duane Reade bigwig told the court that he found his conviction "very confusing, if not incomprehensible.”

“Defendant Cuti is a gifted, arrogant, entitled individual,” Judge...
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