Former Mars Inc. executive pleads guilty to – Business News
A former executive for a subsidiary of candymaker Mars Inc. pleaded guilty Thursday to fraud and tax costs in connection along with his theft of $28 million from the company, federal prosecutors mentioned.
Paul Steed, 58, appeared in federal court docket in Bridgeport, Connecticut.
He additionally agreed to pay $28.4 million in restitution to Mars and owes one other $10 million in back taxes to the Internal Revenue Service, U.S. Attorney for Connecticut David Sullivan mentioned in a assertion.
Paul Steed, 58, a former executive for Mars Inc., pleaded guilty to fraud and tax costs stemming from his theft of $28 million from the company. jetcityimage – stock.adobe.com
Steed, of Stamford, Connecticut, who’s free on $5 million bail, didn’t instantly return messages left at cellphone numbers and emails listed for him in public data.
His lawyer, former U.S. Attorney for Connecticut Deirdre Daly, didn’t instantly return cellphone and electronic mail messages Thursday.
A twin U.S. and Argentine citizen, Steed was as soon as a revered sugar market skilled for Mars Wrigley, the place his final place was world price risk supervisor.
The company is a subsidiary of McLean, Virginia-based Mars Inc., the maker of M&M’s, Snickers, Skittles, Altoids mints and Doublemint gum, in addition to different food merchandise and pet food.
A federal indictment accused him of stealing from Mars starting in about 2013 by way of numerous schemes, together with diverting funds to corporations he set up.
Steed appeared in court docket on Thursday whereas additionally agreeing to pay $28.4 million in restitution to Mars. Google
Steed despatched the lion’s share of the stolen funds, more than $26 million, to one of his corporations, MCNA LLC, which was created to mimic an precise Mars company, Mars Chocolate North America, prosecutors mentioned.
Authorities say they’ve seized more than $18 million from Steed’s bank accounts, and Steed has agreed to forfeit the money.
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The authorities can be looking for to liquidate a home in Greenwich, Connecticut, that Steed allegedly bought utilizing $2.3 million of the stolen money.
Prosecutors say Steed despatched one other $2 million to Argentina, the place he has family and owns a ranch.
Steed pleaded guilty to two counts of wire fraud and one depend of tax evasion.
Sentencing is set for Dec. 9.
