Marc H. Silverman, the Acting U.S. Attorney for the District of Connecticut, has announced charges against Paul R. Steed of Stamford for alleged fraudulent activities targeting his former employer, Mars, Inc. A federal grand jury in New Haven returned a nine-count indictment charging Steed with fraud and tax offenses stemming from multiple alleged frauds against Mars, Inc.
Steed, 58, was arrested following the indictment and appeared before U.S. Magistrate Judge S. Dave Vatti in Bridgeport, where he pleaded not guilty. He is currently being held in detention.
The indictment details that between 2011 and 2023, Steed worked for Mars Wrigley, a subsidiary of Mars, Inc., from his Stamford home as Global Price Risk Manager for Mars Wrigley’s Global Cocoa Enterprise. His duties included managing Mars Wrigley’s involvement in the USDA’s Sugar-Containing Products Re-Export Program. Around 2016, Steed is alleged to have formed MCNA LLC, a company designed to imitate a legitimate Mars entity, Mars Chocolate North America, and redirected millions in assets to an account under MCNA's name.
The grand jury also heard that Mars held an ownership stake in Intercontinental Exchange, Inc., a financial services firm. Steed reportedly instructed Computershare Limited to channel dividend payments, exceeding $700,000, into the MCNA LLC account. In 2023, Steed allegedly used a forged letter from the Mars Treasurer to authorize the sale of Mars’s ICE shares, resulting in $11.3 million being deposited into the MCNA LLC account.
Additionally, between 2013 and 2020, Steed allegedly used another company, Ibera LLC, to fraudulently invoice Mars for services not rendered, extracting approximately $580,000.
The indictment includes seven counts of wire fraud, with each count carrying a maximum prison sentence, and two counts of tax evasion, each punishable by up to five years in prison. The tax charges relate to Steed's alleged failure to report and pay taxes on his fraudulent income.
In court, it was stated that Steed is accused of stealing over $28 million through these schemes. Over $18 million has been seized for forfeiture, and authorities are pursuing the forfeiture of a Greenwich home, reportedly bought with $2.3 million in misappropriated funds. Steed is also alleged to have transferred $2 million to Argentina, where he holds dual citizenship and owns a ranch.
Acting U.S. Attorney Silverman emphasized the presumption of innocence for Steed, noting, "An indictment is not evidence of guilt. Charges are only allegations, and the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt."
The investigation is being led by the FBI, the IRS Criminal Investigation Division, and the U.S. Department of Agriculture’s Office of Inspector General, with assistance from the U.S. Marshals Service. Assistant U.S. Attorney David E. Novick is prosecuting the case.
