Phar Mor Calls In The Feds

An alleged $350 million fraud and embezzlement scheme is rocking Phar-Mor, a fast-growing $3 billion discount-drug chain, not to mention the sporting world. The company says it has dismissed founder and President Michael Monus and Chief Financial Officer Patrick Finn and asked federal authorities to investigate the matter. Phar-Mor, a privately held Youngstown (Ohio) company, says it will take a $350 million charge to cover overstated earnings. Monus was not available for comment, and Finn's lawyer wouldn't discuss the situation.

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