{"id":335181,"date":"2021-09-03T20:40:36","date_gmt":"2021-09-03T17:40:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/kraft-heinz-to-pay-more-than-62m-to-settle-sec-charges\/"},"modified":"2021-09-03T20:40:36","modified_gmt":"2021-09-03T17:40:36","slug":"kraft-heinz-to-pay-more-than-62m-to-settle-sec-charges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/kraft-heinz-to-pay-more-than-62m-to-settle-sec-charges\/","title":{"rendered":"#Kraft Heinz to pay more than $62M to settle SEC charges"},"content":{"rendered":"<p>&#8220;<strong>#Kraft Heinz to pay more than $62M to settle SEC charges<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Kraft Heinz and two former executives have agreed to pay more than $62 million to settle charges they falsified supplier contracts to achieve cost savings in a multi-year accounting scheme, the Securities and Exchange Commission said Friday.<\/p>\n<p>The food company engaged in an array of accounting misconduct from the last quarter of 2015 to the end of 2018 during which it improperly inflated key earnings for investors, the SEC said.<\/p>\n<p>The alleged misconduct began as a result of a \u201ccost savings gap\u201d leading up to Heinz\u2019s 2015 merger with\u00a0Kraft\u00a0and continued for years amid pressure to make good on promises the new company would \u201cdeliver on certain cost savings,\u201d according to SEC documents.<\/p>\n<p>Kraft\u00a0restated its financials in June 2019 after the launch of an SEC probe, correcting $208 million in improperly recognized cost savings from nearly 300 transactions, the regulator said.<\/p>\n<p>Kraft, which did not admit or deny the SEC\u2019s findings, said in a statement that it fully cooperated with the SEC\u2019s investigation and has taken \u201cre<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>l action and proactive steps\u201d to boost its policies and controls for financial reporting.<\/p>\n<p>The Chicago-based company agreed to pay a $62 million civil penalty and not commit future violations as part of its agreement with the SEC.\u00a0Kraft\u00a0recorded the penalty in the second quarter of 2021, the statement said.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/sec-fines-kraft-heinz2.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Kraft salad dressings are displayed on a store shelf\" class=\"wp-image-19340988\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/sec-fines-kraft-heinz2.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/sec-fines-kraft-heinz2.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/sec-fines-kraft-heinz2.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The alleged misconduct began as a result of a \u201ccost savings gap\u201d leading up to Heinz\u2019s 2015 merger with Kraft, according to SEC documents.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Former chief operating officer Eduardo Pelleissone, who was accused of negligence-based anti-fraud and other controls violations, agreed to pay a penalty of $300,000 and another $14,000 in disgorgement.<\/p>\n<p>Former chief procurement officer Klaus Hofmann agreed to pay $100,000 and was barred from serving as a public company officer or director for five years in a settlement that is pending court <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval.<\/p>\n<p>Neither executive admitted or denied the SEC\u2019s findings. Lawyers for both did not respond immediately to requests for comment.<\/p>\n<p>Warren Buffett\u2019s Berkshire Hathaway owns about 26% of\u00a0Kraft Heinz. Prices of\u00a0Kraft\u00a0shares were little changed on Friday.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/09\/03\/kraft-heinz-to-pay-more-than-62m-to-settle-sec-charges\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Kraft Heinz to pay more than $62M to settle SEC charges&#8221; Kraft Heinz and two former executives have agreed to pay more than $62 million to settle charges they falsified supplier contracts to achieve cost savings in a multi-year accounting scheme, the Securities and Exchange Commission said Friday. The food company engaged in an array&#8230;<\/p>\n","protected":false},"author":1,"featured_media":335182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/sec-fines-kraft-heinz.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[115360,74676,71006,87559,73062,72976,75877],"class_list":["post-335181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-3-21","tag-accounting","tag-fraud","tag-heinz","tag-kraft","tag-securities-and-exchange-commission","tag-settlements"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/335181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=335181"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/335181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/335182"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=335181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=335181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=335181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}