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.
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