Get ready to hear about the most scandalous retail pharmacy chain of all time that was Phar-Mor. We hear about companies and financial misconduct frequently–stories of cooked books and misappropriated funds are hardly rare, but often leave us questioning–how do companies manage to pull these off, and more importantly how do they get past trained professionals, auditors and investors? In this episode, our featured guest Professor Kelly Richmond Pope of DePaul University, a forensic accounting expert with a specialty in corporate crime, will explain how an accident exposed a $1 billion fraud and took down one of the nation’s largest retail chains. Listen now to Episode 48 on The Great Fail.
Episode Sources
Ousted Phar-Mor President Found Guilty in $1 Billion Fraud
PHAR-MOR SCANDAL Harvard Case Solution & Analysis
YOUNGSTOWN STEAL?
Mickey’s Secret Life
The Case of Phar-Mor Inc.
Phar-Mor is Phar-“No-Mor”!
Phar Mor Inc., Accounting Scandal
Wikipedia: Economy of Youngstown, Ohio
7 Worst Accounting Scandals in U.S. History
Special Guest
Kelly Richmond Pope
Associate Professor in the School of Accountancy and MIS at DePaul University
Founder of Helios Digital Learning, Inc
Kelly Richmond Pope is an Associate Professor in the School of Accountancy and MIS at DePaul University in Chicago, IL and founder of Helios Digital Learning, Inc. She received her doctorate in accounting from Virginia Tech and she is a licensed certified public accountant. She worked in the forensic practice at KPMG, LLP on anti-money laundering engagements, insurance fraud investigations, and fraud risk management projects. Kelly is a recognized expert in the forensic accounting field and has conducted forensic accounting seminars around the world for universities, corporations and governmental entities.