Paul R. Steed, Defrauding Mars, Inc., Connecticut 2023

A Stamford man has been accused of defrauding his former employer out of millions of dollars.

Paul R. Steed, 58, was indicted on nine counts of fraud and tax offenses related to his alleged commission of multiple frauds against Mars, Inc.

The indictment alleges that between 2011 and 2023, Steed was employed by Mars Wrigley, a subsidiary of Mars, Inc., working remotely from his home in Stamford.

As part of his employment, Steed was responsible for managing Mars Wrigley's participation in the U.S. Department of Agriculture's Sugar-Containing Products Re-Export Program.

In 2016, Steed created a company called MCNA LLC to mimic an actual Mars entity and diverted millions of dollars in Mars assets to a bank account he set up in MCNA's name.

The indictment also alleges that Steed used a company he owned called Ibera LLC to invoice Mars for services Mars did not receive, resulting in payments of approximately $580,000.

The indictment charges Steed with seven counts of wire fraud and two counts of tax evasion, with a maximum term of imprisonment of 20 years on each count.

The government is seeking to forfeit a Greenwich home that Steed is alleged to have purchased with nearly $2.3 million in stolen funds.

Steed is being held without bail and is scheduled to appear in court on May 31, 2023.

The case 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.

Acting U.S. Attorney Marc H. Silverman stressed that an indictment is not evidence of guilt and that charges are only allegations.

Source: https://www.justice.gov/usao-ct/pr/stamford-man-indicted-defrauding-mars-inc-out-millions-dollars