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Phar-Mor Case

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This paper provides responses to three questions regarding ethics that are related to the ...... More...
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Paper Abstract:
This paper provides responses to three questions regarding ethics that are related to the fraud perpurtrated by the CEO of Phar-Mor.

Paper Introduction:
Case Questions One The blame for the fraud must lie with Mickey Monus primarily sincehe is the president and CEO of the corporation who initiated the fraud andwho bound to make it big whatever the cost Phar-Mor Nevertheless in the fraud of outside entities like Pittsburgh NationalBank Chemical Bank and others CFO Patrick Finn is liable for agreeing toparticipate in the fraud and construct a set of fake books along withMonus David Shapira\'s lax oversight also makes him culpable since he wasaware

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Case 4-7. Andersonneeded to go to Cherelstein much earlier, while Cherelstein agreed topermit Monus to engage in alternative courses of action to repay the debtthough these failed to resolve the issue properly. Repaying all of the stakeholders is theonly way for Shapira to restore trust in his leadership of Giant Eagle aswell as continuing good relations with stakeholders of Phar-Mor he willrely on in future. (2 1 ). 132-133. Phar-Mor stock holders should be given the option to replacethe worth of their Phar-Mor stock before the fraud was uncovered with anequal value of Giant Eagle stock. David Shapira's lax oversight also makes him culpable, since he wasaware of the fraud and failed to intervene before it became excessive.John Anderson is also culpable for helping create two sets of books, thoughhe did go to controller Stan Cherelstein and admit the fraud. Without these kinds of modification and adherence to the highestaccounting standards and ethics, it will be difficult to turn thereputation of those remaining around.ReferencesPharmor: The Dilemma. Ten There are two primary courses of action that should be taken to meetthe ethical considerations of the Phar-Mor fraud. Each of theseprimary stakeholders must be repaid by Phar-Mor's parent firm Giant Eagle,with David Shapira responsible for allocating said funding to each of thestakeholders. Three The stakeholders in the Phar-Mor case involve Pittsburgh NationalBank, Corporate Partners, Chemical Bank, Westinghouse Credit Corporation,Westminster National Bank, and stock investors in the firm. All but Cherelsteincould face criminal charges, since the fraud began long before he began atthe firm. First, all key playersin the fraud except for David Shapira and Stan Cherelstein should bereplaced by new employees who demonstrate a high level of ethics andintegrity. Chapter 4, pp. Serious flaws in thoseprocedures failed to keep accountants from discovering the inventory scamthat was being perpetrated by Monus in order to cover up the missingincome. Second, Stan Cherelstein must adhere to all AICPA Code ofConduct standards, including working with Coopers and Lybrand in order tomodify their accounting oversight procedures. 9 132 Case Questions One The blame for the fraud must lie with Mickey Monus primarily, sincehe is the president and CEO of the corporation who initiated the fraud andwho bound to make it big "whatever the cost" (Phar-Mor, 2 1 , 132).Nevertheless, in the fraud of outside entities like Pittsburgh NationalBank, Chemical Bank and others; CFO Patrick Finn is liable for agreeing toparticipate in the fraud and construct a set of fake books along withMonus.

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