Sugar Executive Charged: Paul Steed, a respected sugar market expert for Mars Inc., has been arrested and charged with stealing over $28 million from the candy giant. The 58-year-old from Stamford, Connecticut, stands accused of embezzling funds since 2013 through various fraudulent schemes.
The Allegations Against Steed
Steed, a dual U.S. and Argentine citizen, faces seven counts of wire fraud and two counts of tax evasion. Federal prosecutors allege that he diverted company funds to personal companies he set up, including Ibera LLC and MCNA LLC.
From 2012 to 2020, Steed submitted false invoices from Ibera LLC to Mars, allegedly stealing nearly $580,000. Later, in 2016, Steed used MCNA to reroute millions of dollars from Mars, including over $11 million from the sale of Mars’s shares. Sugar Executive Charged
Steed’s Lifestyle and Assets
Steed’s lavish lifestyle raised red flags. Despite earning a $200,000 annual salary, he and his wife, Martina, lived beyond their means. They paid $2.5 million in cash for a Greenwich, Connecticut, property in 2023, and owned a $1 million home in Stamford.
The judge’s detention order also revealed that Steed sent $2 million to Argentina over several years. He reportedly owns a cattle and tea ranch there.
Mars Responds to Allegations
Mars Inc. issued a statement condemning Steed’s actions as a betrayal by a single individual. The company emphasized its cooperation with law enforcement to resolve the issue swiftly while reaffirming its commitment to ethical standards in all its operations.
Steed’s Role in the Industry
Before his arrest, Steed was a key figure in the sugar industry. He served on various industry boards, including the U.S. Agriculture Trade Advisory Committee for Sweeteners, and was a former president of the New York Sugar Club.
Legal Proceedings
Steed pleaded not guilty in federal court in Bridgeport and was ordered detained pending trial. The government has seized $18 million of the stolen funds, but several million dollars remain unaccounted for.
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Source: Insurance Journal – Full Article
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