Eksekutif phar mor inc sengaja melakukan fraud untuk mendapat keuntungan finansial yang masuk ke dalam saku pribadi individu di jajaran top manajemen perusahaan dalam melakukan fraud , top manajemen phar mor inc membuat dua laporan keuangan yakni, laporan inventory dan laporan bulanan keuangan ( monthly financial report). Phar-mor, inc is a georgia foreign profit corporation filed on june 9, 1998 the company's filing status is listed as withdrawn and its file number is k822765 the registered agent on file for this company is none. Sued by phar-mor for the grossly negligent, intentional, or reckless failure to uncover a massive fraud also sued by phar-mor's major creditors/investors such as sears, roebuck and company, westinghouse electric, debartolo realty, and the equitable life assurance society.
Michael monus michael i mickey monus (born in 1947) is the former president of phar-mor, inc, a defunct discount drug chain that established a strong national presence before declaring bankruptcy in the early 1990s. In the summer of 1992, phar-mor, inc announced that it would take a $350 million accounting charge to cover losses that had resulted from alleged fraud committed by certain phar-mor employees see in re phar-mor, inc sec litig, docket no 959 (judicial panel on multidistrict litigation, feb 17, 1993) (transfer order. Michael i mickey monus (born 1947) is the former president of phar-mor, inc, a defunct deep-discount drug and grocery retail chain that established a strong national presence before declaring bankruptcy in the early 1990s. See in re: phar-mor, inc, 152 br 924 (ndohio 1992) defendant michael i monus was the chief operating officer of phar-mor during the period of the fraud, and is alleged to be a participant in the fraudulent activities.
In essence, the company contends that coopers failed to perform audits of phar-mor's financial statements in accordance with generally accepted auditing standards and, consequently, failed to detect the financial fraud perpetrated by several officers and employees of phar-mor coopers issued clean audit opinions after each of the audits. Phar-mor inc, a deep discount drugstore chain, was founded in 1982 by michael j mickey monus, who was a vice-president of tamco distributors co by 1992, phar-mor have 310 outlets and 20,000 employees in 34 states phar-mor went into bankruptcy in 1992 due to fraudulent activities, which had. In 1992, phar-mor was a successful pharmaceutical business with over 25,000 employees working in over 300 stores however, that same year, phar-mor's top employees running the business were charged with embezzlement. Drugstore retail industry & phar-mor history auditor's responsibility coopers & lybrand history continued coopers & lybrand fraud triangle applied. 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.
Second part of an article listed here as on temperament also written by master john frawley. Phar-mor inc, the discount drugstore chain that was pushed into bankruptcy in august, said yesterday that a scheme by former executives to inflate profits was more extensive than previously. Posted on oktober 29, 2014 by dwisarjono sejarah mencatat kasus phar mor inc sebagai kasus fraud yang melegenda dikalangan auditor keuangan eksekutif di phar mor secara sengaja melakukan fraud untuk mendapatkan keuntungan financial yang masuk ke saku pribadi individu di jajaran top manajemen perusahaan.
Phar-mor, inc 1 2 cases which companies have committed fraud by misstating inventory: •rocky mount undergarment company, inc •leslie fay company 2 intentional misstatements of inventory is difficult to detect, as was in the case of phar-mor, inc , because of the collusion by employees and/or management to commit fraud. Phar-mor, inc owns and operates discount retail drugstores the stores engage in the retail of prescription and over-the-counter drugs, health and beauty care products, baby products, pet. The phar-mor fraud began when management: a forgot to change the budgeted figures that had been incorrectly computed b attempted to make the actual net income match the budgeted amounts.
Fraud case on phar-mor, inc introduction phar-mor, inc was one of the top ten deep discount store that grew rapidly in a short period of time during the 1980s phar-mor pricing strategy was to sell products at an even greater discount than other deep discount stores like wal-mart. Former phar-mor inc president mickey monus was indicted friday on 129 counts for allegedly masterminding a nearly $500 million fraud and embezzlement scheme. Mickey monus is the former president of phar-mor, inc, a defunct discount drug chain that established a strong national presence before declaring bankruptcy in the early 1990s accused of perpetrating a $350 million fraud and embezzlement scheme, monus was fired from the company and faced criminal charges.
Phar-mor executives fully stocked the four selected stores but allocated the phony inventory increases to the other 296 stores regardless of the accounting tricks, phar-mor was heading for collapse. Background the $500 million accounting fraud at phar‐mor, inc, led to the bankruptcy of one of the largest private companies in the united states in 1992 as a result of the company's fraud and subsequent failure, charges were filed against both phar‐mor's management and the company's auditors. Monus, who had other sports interests, was the high-living president of phar-mor inc, the $3 billion drugstore chain that was good enough for everybody we were comfortable with monus, says.