Anthony Cuti, a former Duane Reade Inc. chairman, president and chief executive officer, was slapped with a three-year prison sentence Monday for inflating the New York-based drugstore’s income.
A former president of Supermarkets General and Pathmark, Cuti, 65, was also ordered to pay a $5 million fine by U.S. District Judge Deborah Batts.
The Saddle River, N.J., resident, who left Duane Reade in 2005 after working there for nine years, was convicted by a jury in June 2010 of securities fraud.
“Anthony Cuti’s breach of his fiduciary duty to Duane Reade, its board of directors, auditors and investors was as egregious as it was audacious,” said Manhattan U.S. Attorney Preet Bharara. “He will now have to live with the consequences of his actions.”
Prosecutors trying the case said Cuti and then-chief financial officer William Tennant reported inflated income from fraudulent real estate deals and then made it appear as if expenses were decreasing through fictitious credits from vendors who worked for Duane Reade from 2000 to 2005.
Tennant was also found guilty and will be sentenced Aug. 29.
Duane Reade, which operates more than 253 stores, was acquired by Walgreen Co. early last year for $1.08 billion, including debt, from private-equity firm Oak Hill Capital Partners LP.
Duane Reade was publicly traded until it was acquired by Oak Hill in July 2004.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)