ROANOKE TIMES
Copyright (c) 1995, Roanoke Times
DATE: Saturday, December 2, 1995 TAG: 9512040026
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
DATELINE: CLEVELAND
SOURCE: Associated Press
Phar-Mor Inc. co-founder Michael Monus was sentenced Friday to nearly 20 years in prison for a fraud and embezzlement scheme that sent the discount drugstore chain into bankruptcy court.
Monus, 48, was sentenced to 235 months in prison, a $1 million fine and five years' probation. He was immediately taken into custody.
``In the 10 years I was at Phar-Mor, Phar-Mor grew to 300 stores in some 35 states and 20,000 employees,'' Monus told U.S. District Judge George White. ``The important thing is not the numbers to me ... but the employees - all those dedicated, loyal and highly motivated people.
``I want them to know the sorrow and regret that I have. The sorrow and regret will live with me for the rest of my life.'
Monus was convicted on: 96 counts of interstate transportation of stolen property; five counts of wire fraud; two counts each of bank fraud, mail fraud, and filing false income tax returns; and single counts of obstruction of justice and conspiracy.
The company estimated its losses at $500 million. Prosecutors put the total loss at up to $2 billion, including about $1 billion lost by investors.
LENGTH: Short : 33 linesby CNB