Convicted Ex-Duane Reade Execs Lose Bid For Retrial

Law360, New York (August 26, 2011, 5:34 PM EDT) -- A New York federal judge on Thursday rejected a bid for a new trial from two ex-Duane Reade Inc. executives convicted of securities fraud, saying a post-trial ruling does not count as new evidence.

Ex-Duane Reade CEO Anthony Cuti and Chief Financial Officer William Tennant were convicted in June 2010 of falsely inflating the drugstore chain's income by recording phony real estate earnings in quarters when the company seemed unlikely to meet its targets.

Tennant argued that prosecutors had prejudiced the jury by repeatedly inferring at...
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