Stamford Man Who Stole More Than $28M From Mars Candy Company Sentenced To Prison: Feds

STAMFORD, CT — A Stamford man was sentenced to 63 months in prison on Thursday for fraud and tax offenses stemming from the theft of over $28 million from Mars Inc., his former employer, according to an announcement from officials.

Paul R. Steed, 59, was sentenced by U.S. District Judge Kari A. Dooley in Bridgeport, and also given three years of supervised release.

Steed was ordered to pay restitution of $28.4 million to Mars, Inc., and $10.3 million in back taxes to the IRS.

According to court documents and statements made in court, between approximately 2011 and 2023, Steed was employed by Mars Wrigley, a subsidiary of Mars Inc., working remotely from his home in Stamford, officials said.

Steed served in several positions at the company and last served as a 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 (USDA) Sugar-Containing Products Re-Export Program.

In approximately 2016, Steed created a company, MCNA LLC, to mimic an actual Mars entity, Mars Chocolate North America, officials said.

He then diverted more than $15 million in Mars assets to a bank account he set up in MCNA’s name 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, according to officials.

Mars had an ownership interest in Intercontinental Exchange, Inc. (ICE), 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, officials said. 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, officials said, noting Computershare then issued a check in the amount of more than $11.3 million, which Steed deposited into the MCNA LLC account.

In addition, from 2013 through 2020, officials said 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, officials said.

The government seized more than $18 million from bank accounts controlled by Steed, which he agreed to forfeit. The government is seeking to forfeit, or liquidate for restitution, a Greenwoch home Steed purchased with nearly $2.3 million in stolen funds, officials said.

Officials noted 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 David X. Sullivan, United States Attorney for the District of Connecticut. "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."

FBI New Haven Special Agent in Charge P.J. O’Brien said the 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."

IRS Criminal Investigation Special Agent in Charge Thomas Demeo said the 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."

"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," Demeo said. "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 was originally arrested on March 26, 2025. On Sept. 11, 2025, he pleaded guilty to two counts of wire fraud.

Steed is released on a $5 million bond and required to report to prison on March 5.