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Paul Steed, 58, appeared in federal court in Bridgeport,
Connecticut. He also agreed to pay $28.4 million in restitution
to Mars and owes another $10 million in back taxes to the
Internal Revenue Service, U.S. Attorney for Connecticut David
Sullivan said in a statement.
Steed, of Stamford, Connecticut, who is free on $5 million bail,
did not immediately return messages left at phone numbers and
emails listed for him in public records. His lawyer, former U.S.
Attorney for Connecticut Deirdre Daly, did not immediately
return phone and email messages Thursday.
A dual U.S. and Argentine citizen, Steed was once a respected
sugar market expert for Mars Wrigley, where his last position
was global price risk manager. The company is a subsidiary of
McLean, Virginia-based Mars Inc., the maker of M&M’s, Snickers,
Skittles, Altoids mints and Doublemint gum, as well as other
food products and pet food.
A federal indictment accused him of stealing from Mars beginning
in about 2013 through various schemes, including diverting funds
to companies he set up. Steed sent the lion's share of the
stolen funds, more than $26 million, to one of his companies,
MCNA LLC, which was created to mimic an actual Mars company,
Mars Chocolate North America, prosecutors said.
Authorities say they have seized more than $18 million from
Steed's bank accounts, and Steed has agreed to forfeit the
money. The government is also seeking to liquidate a home in
Greenwich, Connecticut, that Steed allegedly purchased using
$2.3 million of the stolen cash. Prosecutors say Steed sent
another $2 million to Argentina, where he has relatives and owns
a ranch.
Steed pleaded guilty to two counts of wire fraud and one count
of tax evasion. Sentencing is set for Dec. 9.
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