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May 12 (Bloomberg) — Cheerios, the world’s best-selling cereal, isn’t so wholesome as its maker General Mills Inc. claims, U.S. regulators said.

Packaging and Internet advertising for the toasted oats violate federal law with promises to lower cholesterol and reduce the risk of heart disease and cancer, according to a warning letter posted on the Food and Drug Administration’s Web site today. General Mills, ordered to fix the issues or risk product seizure, said it would try to resolve the letter with the regulator.