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.
U.S. efforts to squeeze Iran’s economy through an oil blockade and sanctions are becoming increasingly difficult for Tehran to withstand, acc...
U.S. negotiators Steve Witkoff and Jared Kushner will visit Russia then Ukraine over the weekend, Russian state news agency TASS has reported, citi...
The 83rd Venice Film Festival has opened on the Lido, bringing Hollywood stars and leading filmmakers together for a programme dominated by war, po...
Russian President Vladimir Putin has said that he thinks there is a chance of a peace being reached with Ukraine. He told the Eastern Economic Forum in Vladivostok, Russia that he believed there was "a chance of finding a solution," to the conflict.
The Iranian Health Ministry said at least 18 people were killed and 142 others injured in U.S. airstrikes carried out between 30 August and 2 September.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 3rd of September, covering the latest developments.
U.S. negotiators Steve Witkoff and Jared Kushner will visit Russia then Ukraine over the weekend, Russian state news agency TASS has reported, citing an unnamed source. Ukrainian President Volodymyr Zelenskyy has also said American envoys will visit the capitals of both countries.
Thousands of residents of Spain’s North African enclave of Ceuta took to the streets on Wednesday to protest the government’s handling of a migration crisis that followed a deadly border surge in July.
U.S. negotiators Steve Witkoff and Jared Kushner will visit Russia then Ukraine over the weekend, Russian state news agency TASS has reported, citing an unnamed source. Ukrainian President Volodymyr Zelenskyy has also said American envoys will visit the capitals of both countries.
Southern Chinese provinces were bracing for more torrential rain on Friday after Typhoon Saudel triggered severe flooding, swamping vehicles, collapsing at least one building and forcing mass evacuations.
President Donald Trump is leaving more than a paper trail from his time in office. The U.S. is now minting commemorative $1 coins for America’s 250th anniversary, featuring a portrait of the sitting president.
Pacific Island leaders expressed concern about China's Pacific missile test at their annual summit, though Nauru formally dissented, in a meeting largely overshadowed by Beijing's objections to Taiwan's presence.
China’s southern coastal provinces of Fujian and Guangdong are bracing for more torrential rain after Typhoon Saudel triggered widespread flooding, swept away vehicles and caused a three-storey building to collapse.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment