Marc H. Silverman, the Acting United States Attorney for the District of Connecticut, announced the indictment of Paul R. Steed, accused of defrauding Mars, Inc. out of millions of dollars. The indictment, returned by a federal grand jury in New Haven, charges Steed with fraud and tax offenses related to alleged fraudulent activities against Mars.
Steed, 58, of Stamford, allegedly engaged in fraudulent activities during his employment with Mars Wrigley, a subsidiary of Mars, Inc., between 2011 and 2023. Steed's role as Global Price Risk Manager included managing Mars's participation in a USDA program. In 2016, he reportedly created MCNA LLC to mimic a legitimate Mars entity and redirected funds to an account under MCNA’s name.
Additionally, in 2017, Steed purportedly redirected Mars's dividend payments from Intercontinental Exchange, Inc. to MCNA LLC. In 2023, he allegedly used a fraudulent letter to authorize trading of Mars’s ICE shares, diverting more than $11.3 million into the MCNA account.
Steed also allegedly invoiced Mars through Ibera LLC, a company he owned, for non-existent services, resulting in around $580,000 in payments. The indictment includes seven counts of wire fraud and two counts of tax evasion.
The stolen amount is stated to be over $28 million, with over $18 million seized for forfeiture. Authorities are seeking the forfeiture of a Greenwich home and noted that about $2 million was reportedly sent to Argentina.
Acting U.S. Attorney Silverman reminded that "an indictment is not evidence of guilt" and that Steed is presumed innocent unless proven otherwise.
The investigation is being conducted by the Federal Bureau of Investigation, IRS Criminal Investigation Division, and the USDA Office of Inspector General, with prosecution led by Assistant U.S. Attorney David E. Novick.