Kraft Heinz and two former executives have consented to pay more than $62 million to settle charges they misrepresented supplier contracts to accomplish cost savings in a multi-year accounting scheme, the Securities and Exchange Commission said Friday.

The food company occupied with a variety of accounting unfortunate behavior from the last quarter of 2015 to the furthest limit of 2018 during which it inappropriately swelled key profit for investors, the SEC said.

The supposed offense started because of a “cost savings hole” paving the way to Heinz’s 2015 consolidation with Kraft and proceeded for quite a long time in the midst of strain to follow through on promises the new company would “follow through on certain expense savings,” as per SEC documents.

Kraft rehashed its financials in June 2019 after the dispatch of a SEC test, amending $208 million in inappropriately perceived expense savings from almost 300 transactions, the controller said.

Kraft, which didn’t concede or deny the SEC’s discoveries, said in an explanation that it completely helped out the SEC’s examination and has taken “healing activity and proactive strides” to support its strategies and controls for financial reporting.

The Chicago-based company consented to suffer a $62 million common consequence and not submit future violations as a feature of its concurrence with the SEC. Kraft recorded the penalty in the second quarter of 2021, the proclamation said.

Former chief operating officer Eduardo Pelleissone, who was blamed for carelessness based enemy of extortion and different controls violations, consented to suffer a consequence of $300,000 and another $14,000 in ejection.

Former chief acquirement officer Klaus Hofmann consented to pay $100,000 and was banished from filling in as a public company officer or chief for a very long time in a settlement that is forthcoming court endorsement.

Neither one of the executives conceded or denied the SEC’s discoveries. Lawyers for both didn’t react quickly to demands for input.

Warren Buffett’s Berkshire Hathaway possesses about 26% of Kraft Heinz. Prices of Kraft shares were minimal changed on Friday.