Owner of Greenwich home stole $28 million from Mars, Inc.

Paul R. Steed, 58, of Stamford, pleaded guilty last week to fraud and tax offenses stemming from stealing an astounding $28 million from his employer Mars Wrigley, a subsidiary of Mars, Inc. His role was Global Price Risk Manager for the cocoa business and he worked remotely. He faces 45 years in prison.

Between 2011 and 2023, Mr. Steed diverted company funds into his own account. How? He created a company owned by him to mimic the actual entity called Mars Chocolate North America (MCNA). He diverted $15 million to this fake account by directing USDA (Dept of Agriculture) credits received from sugar refineries into this account. In 2017, he diverted an additional $11.8 million of dividends and proceeds from shares of ICE (Intercontinental Exchange) owned by Mars, that he illegally re-registered to this fake account. Through another company named Ibera, Mr. Stead issued fake invoices for hundreds of thousands of services never provided

Finally, he failed to pay taxes on any of this stolen income. The IRS says he owes $10.3 million in back taxes.

The government has seized his assets, that include a home in Greenwich that he purchased in 2023 for $2.5 million on 40 Howard Road. It's a 4.4 acre lot off Taconic Road in Northeast backcountry Greenwich. He also owned a ranch in Argentina.

Between the Lines: At least he got a shot at owning a home in Greenwich for a while.

Story here