Description :

Michael I. Monus

Michael I. Monus is an American fraudster convicted for one of the biggest corporate frauds in the 20th century. Monus was the founder of Phar-Mor, a successful retail drugstore chain which grew steadfastly from 100 stores to 200 stores over the country during the period 1988 to 1991.He wanted to establish a legacy on world basketball league by sponsoring it.

He was stopped at the start by the board members of Phar-Mor with the reason of financial instability and so Monus thought an idea by himself . He used his freedom in the $3billion Corporation to plunge into various fraudulent activities which were later exposed as the largest corporate frauds. He was convicted in the year 1992 for his wire fraud, bank fraud, mail fraud and income tax evasion. He was kicked out of the Phar-Mor he founded and was sentenced to about 20 years of imprisonment for his larceny of $350 million. He was later released after 10 years with the condition of helping the federal officers to catch fraudsters like him.