Stamford man pleads guilty to $28M Mars Inc. theft
Paul R. Steed, 58, of Stamford, Connecticut, pleaded guilty to wire fraud and tax evasion charges in connection with the theft of more than $28 million from Mars, Inc.
According to court documents, Steed was employed by Mars Wrigley, a subsidiary of Mars, Inc., from 2011 to 2023. He served in several positions, including Global Price Risk Manager for Mars Wrigley’s Global Cocoa Enterprise.
Steed created a company, MCNA LLC, to mimic an actual Mars entity and diverted more than $15 million in Mars assets to a bank account he set up in MCNA’s name. He also directed Computershare Limited to pay MCNA LLC for Mars’s dividends from its ownership shares in Intercontinental Exchange, Inc.
In addition, Steed used a company he owned called Ibera LLC to invoice Mars for services Mars did not receive, resulting in payments of over $700,000.
Steed failed to report and pay taxes on his stolen income on his 2014 through 2023 federal tax returns, resulting in a $10M tax bill.
Steed has agreed to pay restitution of $28,410,489 to Mars, Inc. and faces a maximum term of imprisonment of 20 years on each for the two counts of wire fraud and 5 years for tax evasion.
He was arrested on March 26, 2025, and released on a $5 million bond pending sentencing, which is scheduled for December 9.
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Key Facts
- State: Connecticut
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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