Former Duane Reade Executives Charged

The Securities and Exchange Commission yesterday said it has charged two former top executives at drug store chain Duane Reade with accounting fraud, alleging that they executed false-payment schemes that inflated the company’s profits.

NEW YORK — The Securities and Exchange Commission yesterday said it has charged two former top executives at drug store chain Duane Reade with accounting fraud, alleging that they executed false-payment schemes that inflated the company’s profits. According to the complaint, filed in federal court here, former Duane Reade Chief Executive Officer Anthony Cuti designed two types of accounting transactions — “real estate concessions” and “credit and rebilling” — that raised the chain’s pre-tax i

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