Former Duane Reade CFO William Tennant given three years probation stemming from June 2010 securities fraud conviction
September 7, 2011
– Former Chief Financial Officer of Duane Reade Inc., William Tennant, has been sentenced to probation for three years stemming from his securities fraud conviction in June 2010, Bloomberg reported Sept. 6.
Tennant and former Chief Executive Officer Anthony Cuti were jointly tried on charges they inflated income and misled investors from 2000 to 2005. Cuti was sentenced to three years in prison last month following his conviction on charges of conspiracy and securities fraud.
Tennant plead with U.S. District Judge Debroah Batts to forego jail time, saying he had cooperated with the investigation and endured a “long, painful, humbling experience” in the course of the prosecution, Bloomberg reported.
The judge found that prosecutors had not proved Tennant’s crime caused any financial loss after holding post-trial hearings.
Walgreen Co. agreed to buy Duane Reade from Oak Hill Capital Partners LP affiliates for US$618 million in February 2010.
The primary source of this article is Bloomberg, New York, New York, on Sept. 6, 2011.