Convicted Ex-Duane Reade CEO Tries To Dodge Payout

Law360, Wilmington (August 30, 2011, 6:27 PM EDT) -- Former Duane Reade Inc. CEO Anthony Cuti lobbied a New York federal court on Monday to deny more than $9 million in restitution to the pharmacy retailer and a private equity firm stemming from the executive’s 2010 securities fraud conviction.

Cuti and ex-Duane Reade Chief Financial Officer William Tennant were convicted in June 2010 of plotting to inflate the chain's apparent income by recording phony real estate earnings, which allowed the executives to profit enormously when Oak Hill Capital Partners took the company private in 2004....
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