Former Mars Wrigley Manager Accused of Stealing $28 Million Through Elaborate Fraud Scheme

A former global price risk manager at Mars Wrigley, a subsidiary of Mars Inc., is facing serious federal charges after allegedly stealing over $28 million from the international chocolate manufacturer. Paul Steed, 58, of Stamford, Connecticut, was indicted on seven counts of wire fraud and two counts of tax evasion. He was arrested and pleaded not guilty in Bridgeport federal court.

Federal prosecutors allege that between 2011 and 2023, Steed manipulated his position and access to the company’s financial operations, using fake entities and fraudulent documents to siphon off funds. One key scheme involved setting up a company named MCNA LLC, misleading sugar refineries into paying it as if it were affiliated with Mars. Another involved diverting stock dividends and selling shares from Mars’ ownership in Intercontinental Exchange (ICE), resulting in over $11 million allegedly deposited into MCNA’s account.

Authorities say Steed also billed Mars for fake consulting services through another company, Ibera LLC, and failed to report the illicit income, leading to tax evasion charges. Federal agencies, including the FBI, IRS, and USDA, are involved in the investigation. Over $18 million has been seized so far, with prosecutors also seeking to forfeit a $2.3 million Greenwich home and investigate a $2 million transfer to Argentina, where Steed holds dual citizenship and owns property.

The case highlights the importance of internal financial controls and third-party verification processes for corporations managing large-scale commodity programs and shareholder assets.