Former Duane Reade CFO Skirts Prison Term

Law360, New York (September 6, 2011, 6:56 PM EDT) -- A New York federal judge on Tuesday sentenced former Duane Reade Inc. executive William Tennant to three years' probation for his role in a securities scheme to inflate the drugstore chain's earnings before a private equity firm acquired it.

U.S. District Judge Deborah A. Batts handed down the sentence of time served and fined the former chief financial officer $10,000 after deciding in contentious post-trial hearings in July that private equity firm Oak Hill Capital Partners LP didn't suffer any loss in the scheme after it...
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