Phar-Mor, based in Youngstown, Ohio, sought Chapter 11 bankruptcy protection from its creditors in August 1992, after accusing three of its former executives, including Mr. Monus, of engaging in a six-year scheme of fraud and embezzlement.May 26, 1995
Who audited Phar-Mor? Phar-Mor has hired Coopers's Big Six rival, Deloitte and Touche, to do an audit, which Robinson said the company hopes to have in place in two to four weeks. In addition, two of the company's lenders, PNC Financial Corp.Aug 9, 1992
How long was Mickey Monus in jail?
Monus was found guilty on the government's second attempt to try him; the first trial ended in a hung jury. He was later charged with jury tampering in the first trial, but was acquitted. He was sentenced to 19½ years in federal prison and served 10 years.
How much money went from Phar-Mor to the WBL?
Payments from Phar-Mor to the WBL totaled $5.5 million in fiscal year 1991 and ultimately totaled approximately $8.8 million before this scheme was discovered. Over the course of 1990 and 1991, the subledger also concealed $568,000 in unauthorized Phar-Mor checks written to defendant or for his direct benefit.
Where were Phar-Mor stores located?
1982 – 2002
Phar-Mor was a United States chain of discount drug stores, based in Youngstown, Ohio, and founded by Michael I. Monus (usually called Mickey Monus) and David S. Shapira in 1982. Some of its stores used the names Pharmhouse and Rx Place (purchased in the mid-1990s from the F.W. Woolworth Company).
Why did Phar-Mor close?
Monus, J. Michael Murray, said his client would appeal. Phar-Mor, based in Youngstown, Ohio, sought Chapter 11 bankruptcy protection from its creditors in August 1992, after accusing three of its former executives, including Mr. Monus, of engaging in a six-year scheme of fraud and embezzlement.May 26, 1995
How did Phar-Mor perform its price test?
Phar-Mor's inventory system did not include a perpetual inventory record. Therefore, Phar-Mor used the retail method for valuing inventory. Phar-Mor contracted with an outside firm to physically count and provide the retail price of each item in inventory twice per year.
Who owned Phar-Mor?
A jury convicted former Phar-Mor Inc. president Michael Monus on Thursday of all 109 charges against him in a $1-billion fraud and embezzlement scheme that forced the discount drugstore chain he founded into bankruptcy.May 26, 1995
How many Phar-Mor stores were there in by 1987?
By 1987 the chain had nearly 70 stores, and a year later it opened its 100th store. In 1990 Phar-Mor surpassed the 200-store mark, becoming the leader in the industry.
Who was the CEO of Phar-Mor?
Michael I. Monus, the ousted president of Phar-Mor Inc., was found guilty yesterday of 109 Federal felony charges for his role in a $1 billion fraud that plunged the company into bankruptcy.May 26, 1995