Ex-Duane Reade Execs Indicted For Fraud

Law360, New York (October 9, 2008, 12:00 AM EDT) -- Two former Duane Reade Inc. executives have been indicted for allegedly inflating the drugstore chain's earnings and hiding its expenses from investors and others.

In an indictment filed Thursday in the U.S. District Court for the Southern District of New York, acting U.S. Attorney Lev L. Dassin accuses former Duane Reade CEO Anthony Cuti and former Chief Financial Officer William Tennant of reporting inflated income stemming from fraudulent real estate transactions and artificially reducing expenses by reporting fictitious credits from vendors between 2000 and 2005....
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