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The salad oil scandal, also referred to as the soybean scandal, was an American major corporate scandal in 1963 that caused over $180 million ($1.79 billion today) in losses to corporations including American Express, Bank of America and Bank Leumi, as well as many international trading companies. [1]
Anthony "Tino" De Angelis (November 3, 1915 – September 26, 2009) [3] was a Bayonne, New Jersey, commodities trader who dealt in vegetable oil futures worldwide.. In 1962 De Angelis' company, Allied Crude Vegetable Oil Refining Corporation, bilked 51 banks out of over $180 million ($1.85 billion today) in what became known as the salad oil scandal after he failed to corner the soybean oil ...
[3] [6] Krinos was also found in 1990 to be selling a banned dye for Easter eggs, and in 1997 to be selling mislabeled cooking oil. [3] [19] [20] In 2005 an investigation by WABC reported on by ABC's Good Morning America showed that some of the company's extra-virgin olive oil contained cheaper ingredients. [3] [19] [20]
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What became known as the Salad Oil Scandal of 1963 left major banks on the hook for an adjusted $1.5 billion in bad loans.
A lot of supermarket olive oil brands are disappointing, but even the olive oil snobs among us liked Bertolli. Their extra virgin olive oil is rich and full bodied, adding a bold fruity flavor to ...
1998 – Delhi oil poisoning. In New Delhi, India, edible mustard oil adulterated with Argemone mexicana seed oil caused epidemic dropsy in thousands of people, [34] because Argemone mexicana seed oil contains the toxic alkaloids sanguinarine and dihydrosanguinarine. Over 60 people died and more than 3000 were hospitalized in the 1998 incident.
Some controversy emerged in 2010 when Bertolli Extra Virgin Olive Oil was identified as one of the olive oils mislabeled as extra virgin in a study by University of California, Davis. [3] In May 2014, a complaint was filed by 7 persons in the United States District Court "against Deoleo, USA and Med Foods, Inc", two subsidiaries of Deoleo, S.A. [4]