MANHATTAN (CN) - The former CEO and CFO of New York City's largest drug store chain led a multimillion-dollar accounting fraud that overstated the company's income for four years, the SEC claims in Federal Court. It claims Duane Reade's ex-CEO Anthony Cuti and ex-CFO William Tennant did it to meet earnings targets.
The execs are accused of juggling the books from 2000 through 2004 through a variety of sham, "round trip" transactions. The SEC says the accounting tricks caused the company to overstate its income by $17.5 million.
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