The former chief executive officer (CEO) and chief financial officer (CFO) of the New York City chemist chain Duane Read have been convicted of securities fraud. A federal jury in Manhattan found Anthony Cuti and William Tennant guilty of scheming to falsely inflate the income and reduce the expenses that Duane Reade reported to investors.
Prosecutors say that 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. Both face up to 20 years in prison.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.