A Stamford resident, Paul R. Steed, 58, pleaded guilty in federal court to fraud and tax offenses related to the theft of more than $28 million from his former employer, Mars, Inc. The plea was entered before U.S. District Judge Kari A. Dooley in Bridgeport.
Steed worked for Mars Wrigley, a subsidiary of Mars, Inc., from 2011 to 2023. He held several positions at the company and most recently served as Global Price Risk Manager for Mars Wrigley’s Global Cocoa Enterprise. His responsibilities included managing the company’s participation in the U.S. Department of Agriculture Sugar-Containing Products Re-Export Program.
According to court documents and statements made in court, Steed created a company called MCNA LLC in 2016 that mimicked an actual Mars entity. He then diverted more than $15 million by directing sugar refineries purchasing Mars’s re-export credits to pay MCNA LLC as if it were a legitimate Mars entity.
Mars had an ownership interest in Intercontinental Exchange, Inc. (ICE) and received quarterly dividends through this stake. In 2017, Steed instructed Computershare Limited to send these dividend payments—totaling over $700,000—to MCNA LLC instead of Mars. In 2023, using a fraudulent letter that appeared to be from the Mars Treasurer authorizing him to trade ICE shares, Steed directed Computershare to sell all of Mars’s ICE shares. The resulting check for more than $11.3 million was deposited into the MCNA LLC account.
From 2013 through 2020, Steed also used another company he owned called Ibera LLC to invoice Mars for services not rendered, collecting more than $700,000 through this scheme.
Authorities said Steed did not report or pay taxes on any of his stolen income on his federal tax returns between 2014 and 2023.
“David X. Sullivan, United States Attorney for the District of Connecticut, announced that PAUL R. STEED, 58, of Stamford, pleaded guilty today before U.S. District Judge Kari A. Dooley in Bridgeport to fraud and tax offenses stemming from his commission of multiple frauds against his former employer Mars, Inc.”
Steed admitted guilt on two counts of wire fraud—which each carry up to 20 years imprisonment—and one count of tax evasion with a maximum sentence of five years.
He has agreed to pay restitution totaling $28,410,489 to Mars and owes the IRS an additional $10,310,680 in back taxes.
The government has seized over $18 million from accounts controlled by Steed and is seeking forfeiture or liquidation for restitution purposes of a Greenwich home allegedly purchased with nearly $2.3 million in stolen funds. Authorities also allege that about $2 million was sent by Steed to Argentina where he holds dual citizenship and owns property.
Steed was arrested on March 26 and is currently out on a $5 million bond while awaiting sentencing scheduled for December 9.
The investigation involved 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), with assistance from the U.S. Marshals Service. Assistant U.S. Attorney David E. Novick is prosecuting the case.
