WASHINGTON (AP) — The Supreme Court has rejected appeals from two former executives of New York City drugstore chain Duane Reade Inc. who were convicted of securities fraud.
The justices on Monday let stand a ruling by a federal appeals court that upheld the convictions of Anthony Cuti, the company’s former chief executive, and William Tennant, who served as chief financial officer.
The men were convicted of scheming to falsely inflate the income and reduce the expenses Duane Reade reported to investors. Cuti was sentenced to three years in prison and Tennant was sentenced to time served.
Walgreen Co. purchased privately held Duane Reade in 2010.
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