A former executive of a Mars Inc. subsidiary has pleaded guilty to fraud and tax charges after stealing $28 million from the company, federal prosecutors said Thursday.
Paul Steed, 58, appeared in the Federal Court in Bridgeport, Connecticut, and agreed to repay $28.4 million to Mars. He also owes roughly $10 million in back taxes to the IRS, according to U.S. Attorney David Sullivan.
Steed, a dual U.S. and Argentine citizen, remains free on $5 million bail. Sentencing is scheduled for 9 December according to reports.
Steed, once a respected sugar market expert and global price risk manager at Mars Wrigley, allegedly diverted the majority of stolen funds— more than $26 million—to a company he created, MCNA LLC, which mimicked the legitimate Mars Chocolate North America.
Authorities also say Steed transferred $2 million to Argentina and purchased a $2.3 million home in Greenwich, Connecticut, with stolen money.
More than $18 million has already been seized from Steed’s accounts, and he has agreed to forfeit the funds.
Prosecutors described his schemes as spanning from around 2013 through various methods to conceal the theft according to reports.
Evacuations and the provision of humanitarian aid in the Russian-occupied southern Ukrainian town of Oleshky have begun, a senior Ukrainian officia...
Opium poppy cultivation in Afghanistan surged by 330 per cent in 2026 despite a four-year ban, the United Nations said on Thursday. Afghan authorit...
Central Asia could gain up to $640 million a year from closer energy cooperation, but strained electricity grids threaten to limit those gains, wit...
The Middle East conflict remains tense as diplomatic efforts continue alongside renewed Houthi attacks. Iran says it remains open to mediation, while the Saudi-led coalition says it intercepted a ballistic missile fired towards the kingdom.
Rescuers searched the wreckage of two high-speed trains in central Spain on Thursday as the death toll rose to a provisional 74, making it the country's second fatal high-speed rail disaster this year.
Strengthened U.S.-Central Asia ties reflect a broader trend in international relations, with growing emphasis on developing alternative transit routes and diversifying energy and critical mineral supply networks to gain geopolitical influence.
At least 68 people have been killed after two high-speed trains collided in Spain on Wednesday, in the second deadly rail disaster in less than a year on a major route linking Madrid with the southern Andalusia region.
Qatari mediators returned to Tehran on Friday as part of efforts to reach a deal between the U.S. and Iran, according to an official briefed on the talks.
A powerful El Niño is driving extreme weather worldwide, leaving millions facing drought, wildfires and destructive storms as governments scramble to respond to the growing crisis.
A high-speed train involved in Wednesday's deadly collision in Spain was travelling at between 160 and 200 kilometres per hour, far above the 40 km/h safety limit, according to a preliminary investigation published on Friday.
Evacuations and the provision of humanitarian aid in the Russian-occupied southern Ukrainian town of Oleshky have begun, a senior Ukrainian official said on Friday. In a statement on Telegram, David Arakhamia said a six-day ceasefire was holding, and that more details would follow.
Hackers have pulled off a staggering $6.3 billion cryptocurrency heist targeting Binance, shaking confidence in one of the world's biggest digital asset exchanges and sending crypto prices tumbling. U.S. analysts suspect North Korea was behind the attack.
Pentagon officials have in recent weeks asked several NATO countries to tone down their rhetoric regarding the threat posed by Russia, arguing that some statements by European leaders and officials have undermined continental security, four people familiar with the matter said.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment