**Former Mars Executive Pleads Guilty to $28 Million Fraud Scheme**
A former executive of a Mars Inc. subsidiary has admitted to committing fraud and tax evasion, resulting in the theft of $28 million from the company. Paul Steed, 58, appeared in federal court in Bridgeport, Connecticut, on Thursday, where he entered his guilty plea. In addition to his plea, Steed has agreed to pay $28.4 million in restitution to Mars and owes an additional $10 million in back taxes to the IRS, according to U.S. Attorney for Connecticut David Sullivan.
Steed, a dual citizen of the U.S. and Argentina, was once a prominent figure in the sugar market for Mars Wrigley, serving as the global price risk manager. His fraudulent activities reportedly began around 2013 and involved various schemes, including the diversion of funds to companies he established. Prosecutors revealed that over $26 million of the stolen funds was funneled to a company he created, MCNA LLC, which was designed to resemble Mars Chocolate North America.
Federal authorities have seized more than $18 million from Steed’s bank accounts, and he has agreed to forfeit these funds. Additionally, the government is pursuing the liquidation of a Greenwich, Connecticut home that Steed allegedly purchased with $2.3 million of the stolen money. Reports indicate that he also transferred $2 million to Argentina, where he has family and owns a ranch.
Steed has pleaded guilty to two counts of wire fraud and one count of tax evasion, with sentencing scheduled for December 9.
**FAQ**
*What charges did Paul Steed plead guilty to?*
Paul Steed pleaded guilty to two counts of wire fraud and one count of tax evasion related to his theft of $28 million from Mars Inc.
