Paul R. Steed, 59, of Stamford, was sentenced by U.S. District Judge Kari A. Dooley in Bridgeport to 63 months of imprisonment and three years of supervised release for fraud and tax offenses for allegedly stealing about $28 million from his former employer, Mars, Inc.
According to court documents and statements made in court, between 2011 and 2023, Steed was employed by Mars Wrigley, a subsidiary of Mars. Inc., working remotely from his home in Stamford. The company sells snacks and candy, among other things.
Steed served in several positions at the company and last served as Global Price Risk Manager for Mars Wrigley’s Global Cocoa Enterprise. As part of his employment, Steed was responsible for managing Mars Wrigley’s participation in the U.S. Department of Agriculture Sugar-Containing Products Re-Export Program.
In 2016, Steed created a company, MCNA LLC, to mimic an actual Mars entity, Mars Chocolate North America. He then diverted more than $15 million in Mars assets to a bank account he set up in MCNA’s name, mainly by directing sugar refineries purchasing Mars’s re-export credits, obtained through the USDA program, to pay MCNA LLC as if it were a legitimate Mars entity.
Mars had an ownership interest in Intercontinental Exchange, Inc., a financial services company that operated financial exchanges and clearing houses, and received quarterly dividends in connection with that ownership. In 2017, Steed directed Computershare Limited, a company that ICE utilized for stock-related services, to pay MCNA LLC for Mars’s dividends from its ownership shares in ICE. As a result, more than $700,000 in dividend payments were diverted to the MCNA LLC account. In 2023, after Steed had used a fraudulent letter purportedly from the Mars Treasurer authorizing him to trade ICE shares, Steed directed Computershare to sell Mars’s ICE shares entirely. Computershare issued a check of over $11.3 million, which Steed deposited into the MCNA LLC account.
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In addition, from 2013 through 2020, Steed used a company he owned called Ibera LLC to invoice Mars for services Mars did not receive. Mars paid Ibera LLC more than $700,000 through this scheme.
Steed failed to report and pay taxes on his stolen income on his 2014 through 2023 federal tax returns.
Judge Dooley ordered Steed to pay restitution of $28,410,489 to Mars, Inc., and $10,310,680 in back taxes to the IRS.
The government has seized, and Steed has agreed to forfeit, more than $18 million from bank accounts controlled by Steed, and the government is seeking to forfeit, or alternatively liquidate for restitution, a Greenwich home that Steed purchased with nearly $2.3 million in stolen funds. Steed also sent approximately $2 million to Argentina, where he is a dual citizen, has family ties, and has a family ranch.
“Justice is served by the imposition of this sentence,” said U.S. Attorney Sullivan. “Thanks to the thorough investigative efforts by FBI, IRS-CI, and USDA-OIG special agents, Mr. Steed’s criminal conduct was quickly exposed. These agents not only identified the money that he stole, they successfully seized millions of dollars that will be returned to the victim company.”
Steed was arrested on March 26, 2025. On September 11, 2025, he pleaded guilty to two counts of wire fraud.
“Today’s sentencing is a great example of what happens when the FBI, and our partners at the IRS, USDA-OIG, and the USAO combine to bring our investigative resources to bear on a complex, multi-faceted fraud scheme involving tens of millions of dollars,” said FBI New Haven Special Agent in Charge P.J. O’Brien. “Utilizing forfeiture statutes, expert forensic accounting techniques and court authorized search warrants, investigators recovered millions in embezzled funds and ensured that over nine years of back taxes, totaling millions of dollars, would be paid. The FBI remains committed to working closely with our private sector and government partners to prevent and address waste, fraud, and abuse.”
The announcement was made by David X. Sullivan, United States Attorney for the District of Connecticut; P.J. O’Brien, Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation; Thomas Demeo, Acting Special Agent in Charge of IRS Criminal Investigation in New England; and U.S. Department of Agriculture Inspector General John Walk.
“Today’s sentencing sends a strong message to all those who think that corporate embezzlement is a victimless crime: We will find you and we will prosecute you to the fullest extent of the law,” said IRS Criminal Investigation Special Agent in Charge Thomas Demeo. “Steed utilized his position of trust and authority within the Mars corporation to siphon off millions of dollars for his own personal gain and self-enrichment. Not only did he steal from the Mars Corporation, but he also stole from every American family when he chose to conceal his ill-gotten gains from the IRS resulting in less tax revenue that could be used to enhance public welfare.”
Steed, who is released on a $5 million bond, is required to report to prison on March 5.
“Mr. Steed exploited an important USDA program intended to support American exporters to market U.S. agricultural products in international commerce for personal fraudulent gain,” said Inspector General John Walk. “The USDA Office of Inspector General is pleased to support the work of our law enforcement partners including the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigations Division, U.S. Marshals Service, and the U.S. Attorney’s Office to help deliver justice and protect taxpayer dollars. I commend USDA OIG Special Agent-in-Charge Charmeka Parker and all our special agents and employees who supported the investigative effort.”
This matter was investigated by the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigation Division, and the U.S. Department of Agriculture – Office of Inspector General, with the assistance of the U.S. Marshals Service. The case was prosecuted by Assistant U.S. Attorney David E. Novick.
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