Paul R. Steed, a 58-year-old resident of Stamford, Connecticut, has pleaded guilty before U.S. District Judge Kari A. Dooley in Bridgeport to substantial fraud and tax offenses involving the theft of over $28 million from Mars, Inc.
According to court documents, between 2011 and 2023, Steed, while employed by Mars Wrigley, a subsidiary of Mars, Inc., directed millions in assets to his own company, MCNA LLC, and used fraudulent means to siphon funds. He was able to divert more than $15 million and an additional $700,000 through dividend payments.
Steed also invoiced Mars for services he never provided, leading to over $700,000 in unauthorized payments. His deceitful activities continued until 2023 when he sold Mars’s ICE shares, depositing over $11.3 million into MCNA LLC’s account.
His fraudulent tax returns from 2014 through 2023 went unreported on his federal tax filings. Steed faces a maximum of 25 years in prison and has agreed to pay back the full amount stolen from Mars, Inc., plus additional back taxes totaling $10.31 million. The government has seized over $18 million from bank accounts under Steed’s control.
Steed was arrested on March 26, 2025, and is currently free on a $5 million bond pending sentencing on December 9. His case is a joint investigation by the FBI, IRS-CI, USDA-OIG, and U.S. Marshals Service, prosecuted by Assistant U.S. Attorney David E. Novick.
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Key Facts
- State: Connecticut
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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