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The Wall Street Journal reports this morning that the US Securities and Exchange Commission (SEC) has raised the level of its inquiry into accounting and marketing fraud at the Coca-Cola Co. to "formal" status.

The probe is related to charges leveled by Matthew Whitley, a former auditor at the company, that there was $2 billion worth of fraud taking place at Coke. The company conducted an internal investigation, acknowledged some of the issues raised by Whitley, and crafted a settlement with him in response to a lawsuit related to Whitley's dismissal.
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