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.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Smartphones Are Killing Americans, But Nobody’s Counting
- Why a Pub in the Middle of Nowhere Was Named the World’s Best Restaurant
- Turns Out It Will Be Congress's Fault When Stocks Crash
- Ford to Take $267 Million Hit From Recall of F-Series Trucks
- Facebook and Google Helped Anti-Refugee Campaign in Swing States