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Jury convicts Cuti

By
Post Staff Report
Published June 9, 2010, 4:00 a.m. ET

Former Duane Reade Chief Executive Officer Anthony Cuti was convicted of conspiracy and securities fraud for falsely inflating income at the drugstore chain and misleading investors.

Cuti and former Duane Reade Chief Financial Officer William Tennant, who was also convicted, were charged with engaging in a scheme to falsely increase revenue and lower expenses from 2000 to 2005.

Cuti was convicted of both counts while Tennant was found guilty of securities fraud. The jury heard opening arguments on April 7.

US District Judge Deborah Batts, who presided over the case, gave lawyers for both defendants 30 days to file motion papers seeking to set aside the verdict.

Reid Weingarten, a lawyer for Cuti, and John Kenney, a lawyer for Tennant, both declined comment about the verdict after court was adjourned.

Batts set Cuti’s sentencing for Nov. 15 and Tennant’s for Dec. 6. The judge permitted both men to remain free on bond until they are sentenced.

The two men inflated income through fraudulent real-estate transactions and expense reductions, using fictitious credits from vendors, prosecutors said.