US EditionFormer executive of Mars candy subsidiary charged with stealing $28 million from company
- Paul Steed, a 58-year-old dual U.S. And Argentine citizen from Stamford, Connecticut, was arrested on Wednesday and charged with seven counts of wire fraud and two counts of tax evasion for allegedly stealing over $28 million from Mars Inc.
- Steed, who worked remotely as a global price risk manager for Mars Wrigley between 2011 and 2023, is accused of diverting funds to companies he created, including Ibera LLC and MCNA LLC, the latter mimicking Mars Chocolate North America.
- Steed allegedly defrauded Mars by submitting false invoices from Ibera LLC, directing sugar refineries buying re-export credits to pay MCNA LLC, and diverting dividend payments from Mars's ownership of Intercontinental Exchange, Inc., into MCNA LLC, totaling over $700,000.
- According to the indictment, a larger scheme beginning in 2016 involved diverting millions of dollars from Mars through MCNA LLC, with one scam involving the theft of more than $11 million from the sale of Mars's shares in a financial services company; Mars stated the case involves "the action of a single individual who sought to exploit the organization for personal gain."
- Following his not guilty plea in Bridgeport federal court, Steed was ordered detained pending trial due to being considered a flight risk, and the government seized $18 million, while also seeking to forfeit a Greenwich home allegedly purchased with stolen funds, but several million dollars remain unaccounted for, and Steed also owns a cattle and tea ranch in Argentina.
15 Articles
15 Articles
Former Mars Wrigley executive stole $28 million and bought a multi-million dollar home
Before his arrest Wednesday, Paul Steed was a respected sugar market expert for a subsidiary of famed candymaker Mars Inc. He served on a U.S. trade advisory committee for sweeteners as well as on industry group boards, while giving presentations at conferences. Now Steed, of Stamford, Connecticut, is accused in a federal indictment of stealing more than $28 million from Mars since about 2013 through various schemes, including diverting funds to…
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Former executive of Mars candy subsidiary charged with stealing $28 million from company
A former executive of a subsidiary of famed candymaker Mars Inc. has been charged with stealing more than $28 million from the company in various schemes. Paul Steed of Stamford, Connecticut, was arrested on multiple wire fraud and tax evasion…
Stamford man accused of stealing nearly $28 million from former employer
A Stamford man is facing several charges for allegedly defrauding his former employer out of millions of dollars, according to the U.S. Department of Justice. Officials said an indictment charges Paul Steed, 58, with fraud and tax offenses stemming from multiple schemes against Mars, Inc. Steed was arrested on Wednesday and has since pleaded not guilty. In the indictment, officials...
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