Former Duane Reade CFO Tennant gets probation in securities fraud case
NEW YORK — Former Duane Reade CFO William Tennant was sentenced to three years of probation for his securities fraud conviction in June 2010, according to published reports.
Tennant, convicted of one count of securities fraud, was sentenced by U.S. District Judge Deborah Batts in a hearing Tuesday in a Manhattan federal court.
As previously reported, former Duane Reade CEO Tony Cuti was sentenced on Aug. 22 to three years in prison in connection with accounting fraud at the New York-based drug store chain. Cuti, who is to report to prison on Jan. 31, 2012, also must pay a $5 million fine.
In June 2010, Cuti was found guilty of conspiracy, securities fraud and making false statements. Tennant was found guilty of securities fraud.
From November 2000 through June 2005, Cuti and Tennant reported inflated income from fraudulent real estate transactions and reduced company expenses through fictitious credits from vendors, prosecutors said.