HARTFORD, Conn. (AP) — Earlier than his arrest Wednesday, Paul Steed was a revered sugar market skilled for a subsidiary of famed candymaker Mars Inc. He served on a U.S. commerce advisory committee for sweeteners in addition to on business group boards, whereas giving displays at conferences.
Paul Steed, of Stamford, Connecticut, is accused in a federal indictment of stealing greater than $28 million from Mars since about 2013 via numerous schemes, together with diverting funds to corporations he arrange. He’s charged with seven counts of wire fraud and two counts of tax evasion.
Steed, 58, a twin U.S. and Argentine citizen, pleaded not responsible in federal court docket in Bridgeport on Wednesday and was ordered detained pending trial. A U.S. Justice of the Peace decide stated Steed was a flight danger and famous that whereas the federal government has seized $18 million of the allegedly pilfered funds, a number of million {dollars} stay unaccounted for and Steed has robust connections to household in Argentina.
Steed’s lawyer, federal public defender Phoebe Bodurtha, didn’t instantly reply to an e mail in search of remark Thursday.
His spouse, Martina Steed, instructed The Related Press in a short cellphone name that she didn’t know all of the details of the case and declined additional remark.
Mars Inc. stated in an announcement that the case entails “the action of a single individual who sought to exploit the organization for personal gain.”
“We fully cooperated with law enforcement to see this matter quickly brought to justice and always remain committed to maintaining the highest ethical standards and integrity in all our operations,” it added.
Steed labored remotely from his Stamford house as international worth danger supervisor for Mars Wrigley, in accordance with federal prosecutors. The corporate 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 meals merchandise and pet meals.
Steed and his spouse gave the impression to be dwelling past their means, in accordance with the decide’s order authorizing his pretrial detention.
Steed’s annual wage was about $200,000 whereas his spouse was making $40,000 to $50,000 a 12 months as a hair stylist, Justice of the Peace Choose S. Dave Vatti stated within the order. But they paid $2.5 million in money in 2023 for a property in rich Greenwich, Connecticut, and personal a mortgage-free house in Stamford value $1 million, he wrote.
Steed additionally despatched $2 million over the previous a number of years to family, different folks and entities in Argentina, the place he apparently owns a cattle and tea ranch, in accordance with the order.
In July 2012 he arrange an organization, Ibera LLC, and a 12 months later he started submitting false invoices from it to Mars, in accordance with the federal indictment. The scheme allegedly went on till December 2020, with Steed stealing almost $580,000 with the bogus invoices.
A much bigger scheme starting in 2016 would outcome within the diversion of hundreds of thousands of {dollars} from Mars via one other Steed-created firm, MCNA LLC, the indictment stated. Prosecutors say Steed instructed sure sugar refineries who have been shopping for “re-export credits” from Mars to ship the cash to MCNA as a substitute.
Steed additionally used MCNA in different scams together with one involving the theft of greater than $11 million from the sale of Mars’s shares in a monetary providers firm, in accordance with the indictment.
Steed was appointed in early 2021 by then-U.S. Agriculture Secretary Sonny Perdue and U.S. Commerce Consultant Robert Lighthizer to serve on an agricultural commerce advisory committee for sweeteners and sweetener merchandise.
In a LinkedIn posting previewing a commodities convention in New York Metropolis final 12 months, Steed was listed as serving in a number of sugar business teams, together with being a former president of the New York Sugar Membership. He additionally was a member of the Intercontinental Alternate’s Sugar Contract Committee and a board member of the U.S. Sugar Customers Affiliation.
