Stamford Man Gets 5+ Years for $28M Mars Inc. Fraud
Paul R. Steed, a former Mars Wrigley executive who worked remotely from Stamford, was sentenced to 63 months for stealing more than $28 million from the candy giant.
A Stamford man who stole more than $28 million from candy giant Mars Inc. over several years has been sentenced to 63 months in federal prison.
Paul R. Steed, 59, was also ordered to serve three years of supervised release and pay $28.4 million in restitution to Mars and $10.3 million in back taxes to the IRS. More than $18 million has already been seized from accounts he controlled, and additional assets — including a Greenwich home purchased with stolen funds — are subject to forfeiture.
Steed worked for Mars Wrigley between approximately 2011 and 2023, working remotely from his Stamford residence. He held several positions during his tenure, most recently serving as Global Price Risk Manager for Mars Wrigley’s Global Cocoa Enterprise.
The fraud began around 2016 when Steed created a company called MCNA LLC, designed to mimic Mars Chocolate North America, an actual Mars entity. He then diverted over $15 million in Mars assets to a bank account he established in MCNA’s name. Much of this money came from directing sugar refineries to pay MCNA for Mars’ re-export credits obtained through the USDA’s Sugar-Containing Products Re-Export Program.
In 2017, Steed directed a firm handling stock-related services for Intercontinental Exchange Inc. (ICE) — a financial services company in which Mars owned a stake — to pay MCNA for Mars’ dividends from its ICE ownership shares. This scheme diverted over $700,000 in dividends to his fraudulent company.
The largest single theft came in 2023, when Steed used a fraudulent letter purportedly from the Mars treasurer to authorize him to trade ICE shares. He directed the stock firm to sell Mars’ entire ICE stake for $11.3 million, depositing the proceeds in the MCNA account.
Steed also sent approximately $2 million to Argentina, where he holds dual citizenship and has family ties including a family ranch.
Steed was arrested on March 26, 2025. He pleaded guilty in federal court in Bridgeport to two counts of wire fraud and one count of tax evasion.
The case is United States v. Paul R. Steed, No. 3:25-cr-00048, in the U.S. District Court for the District of Connecticut.