The Kraft Heinz Co. has agreed to pay $62.4 million to settle accounting misconduct charges with the Securities and Exchange Commission, while two of the food and beverage company’s former executives will pay a total of $400,000 in civil penalties as part of the settlement. 

The SEC charged the Chicago-based corporation with deceiving investors by reporting $208 million in bogus cost savings based on unearned discounts from suppliers and false and misleading supplier contracts in nearly 300 transactions between 2015 and 2018.