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Saturday, 09/04/2021 12:27:26 AM

Saturday, September 04, 2021 12:27:26 AM

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A Warren Buffet company where its pays to do crime for a little fine and no jail time to fake the financials because the company can.

The agency alleges that from the last quarter of 2015 to the end of 2018, Kraft "engaged in various types of accounting misconduct" — including faking supplier contracts to get discounts that the company hadn't earned — to ultimately make their financials look better to analysts and investors.

Kraft Heinz (KHC) already had to restate its full-year and quarterly results for 2016 and 2017 after its an internal investigation following the launch of the SEC probe in 2019.

Two individuals, Kraft's former chief operating officer Eduardo Pelleissone and former chief procurement officer Klaus Hofmann, were also personally charged for alleged misconduct in the case after fabricating an estimated 59 supplier and procurement transactions, according to the SEC's complaint. They settled for $300,000 and $100,000, respectively. Hofmann will be barred from serving as an officer or director for five years.



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