A Stamford resident, Paul R. Steed, 58, pleaded guilty to wire fraud and tax evasion charges in federal court related to the theft of more than $28 million from his former employer, Mars, Inc., according to an announcement by David X. Sullivan, United States Attorney for the District of Connecticut.
Steed worked for Mars Wrigley, a subsidiary of Mars, Inc., from approximately 2011 until 2023 while based in Stamford. His roles included serving as Global Price Risk Manager for the company’s Global Cocoa Enterprise. He was responsible for managing Mars Wrigley’s participation in the U.S. Department of Agriculture’s Sugar-Containing Products Re-Export Program.
Court documents show that in 2016 Steed established a company called MCNA LLC designed to resemble a legitimate Mars entity. He diverted over $15 million in assets from Mars by instructing sugar refineries involved with the USDA program to pay MCNA LLC as if it were part of Mars.
In addition, Steed redirected more than $700,000 in dividend payments from Intercontinental Exchange, Inc. (ICE), where Mars had an ownership stake. He accomplished this by instructing Computershare Limited—responsible for ICE stock-related services—to pay dividends into MCNA LLC’s account instead of Mars’. In 2023, using a fraudulent letter purportedly from the Mars Treasurer authorizing him to trade ICE shares, Steed ordered Computershare to sell all of Mars’ ICE shares. The resulting check for over $11.3 million was deposited into the MCNA LLC account.
Between 2013 and 2020, Steed also used another company he owned, Ibera LLC, to bill Mars for services never rendered. Through this scheme, Ibera LLC received over $700,000.
Steed did not report or pay taxes on these illicit earnings on his federal tax returns filed between 2014 and 2023.
He pleaded guilty before U.S. District Judge Kari A. Dooley in Bridgeport to two counts of wire fraud—which each carry a maximum sentence of 20 years—and one count of tax evasion—which carries up to five years’ imprisonment.
As part of his plea agreement, Steed will pay restitution totaling $28,410,489 to Mars and owes the IRS an additional $10,310,680 in back taxes.
Authorities have seized more than $18 million from bank accounts controlled by Steed and are seeking forfeiture or liquidation for restitution purposes of a Greenwich home purchased with nearly $2.3 million in stolen funds. It is also alleged that Steed transferred about $2 million to Argentina where he holds dual citizenship and owns property.
Steed was arrested on March 26 and is currently released on a $5 million bond pending sentencing scheduled for December 9.
The case is being investigated by multiple agencies including the Federal Bureau of Investigation (FBI), Internal Revenue Service – Criminal Investigation Division (IRS-CI), U.S. Department of Agriculture – Office of Inspector General (USDA-OIG), and with support from the U.S. Marshals Service. Assistant U.S. Attorney David E. Novick is prosecuting the case.
“This matter is being investigated by the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigation Division, and the U.S. Department of Agriculture – Office of Inspector General, with the assistance of the U.S. Marshals Service.”
“The case is being prosecuted by Assistant U.S. Attorney David E. Novick.”
