Not quite true. phytosterols are plant based sources of cholesterol and it is possible to have a phytosterolemia (too much phytosterols in the body).
Yes deceptive labeling occurs on very many products. Another example are fruit and vegetable products that contain labeling that say "no cholesterol". But only animal products contain cholesterol.
I also get a lot of people asking me if the fruit seeds i sell are GMO or not? Really most consumers think that all fruits and vegetables now are genetically manipulated, but the percentage is really quite low. The chemical giants are still mostly interested in altering the major crops, like corn, soybeans, rice, cotton, rape seed (canola), etc. They are slowly branching out into genetically modifying the major fruits and vegetables. I wouldn't be surprised if GMO citrus comes on the scene in just a few years.
Similar is not the same as. And note that all the products say "no cholesterol", they don't ever say "no phytosterol". Usually phytosterol is claimed to lower cholesterol. From wikipedia:
The European Foods Safety Authority (EFSA) concluded that blood cholesterol can be reduced on average by 7 to 10.5% if a person consumes 1.5 to 2.4 grams of plant sterols and stanols per day, an effect usually established within 2–3 weeks. Longer-term studies extending up to 85 weeks showed that the cholesterol-lowering effect could be sustained. Based on this and other efficacy data, the EFSA scientific panel provided the following health advisory: “Plant sterols have been shown to lower/reduce blood cholesterol. Blood cholesterol lowering may reduce the risk of coronary heart disease".