Mickey Monus’ role and fraud
Mickey Monus was an entrepreneur at Phar-Mor when the retail company was hit by one of the most popular fraud in American history. The Phar-Mor company offered consumption drugs at extremely low prices. Mickey Monus used his entrepreneurial role to perpetrate fraud in the organization. His ability to influence people contributed to him taking part in the fraud. The people he worked with believed that he could do no wrong (“Phar-Mor 53 Minutes -Part-1”). Bankers and investors also had confidence in Mickey Monus and Phar-Mor. They easily trusted Monus and gave him money to invest. However, Monus took advantage of the investors’ trust and perpetrated fraud at Phar-Mor. Questions an investor at Phar-Mor would have wanted answered
If I had invested at Phar-Mor, I would have wanted an answer on why the financial records were not available to the investors. I would also have wanted the financial records scrutinized by an independent auditor. Having the financial records of an organization reviewed by independent professionals ensures transparency.
As an investor at Phar-Mor, I would also have wanted an answer to what happened with the funds that investors paid for exclusivity. Failure by investors to question the use of these funds gave Mickey Monus an opportunity to use the money to cater for the loses that the company had incurred. Questioning the use of the exclusivity fee …
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