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A Stamford man is facing several charges for allegedly defrauding his former employer out of millions of dollars, according to the U.S. Department of Justice.
Officials said an indictment charges Paul Steed, 58, with fraud and tax offenses stemming from multiple schemes against Mars, Inc.
Steed was arrested on Wednesday and has since pleaded not guilty.
In the indictment, officials say that between 2011 and 2023, Steed worked remotely from his Stamford home, serving as a global price risk manager. In his role, Steed was responsible for managing Mars Wrigley's participation in the U.S. Department of Agriculture's sugar-containing products re-export program.
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In that time frame, Steed created his own company called MCNA LLC to mimic Mars Chocolate North America, according to the indictment.
He then allegedly diverted millions of dollars in Mars assets to a bank account set up in his own company's name. Officials said he directed funds to pay his company as if it were a legitimate Mars entity.
The indictment states that Steed directed a company called Computershare Limited to pay his own company for his employer's dividends from its ownership of Intercontinental Exchange, Inc. More than $700,000 was diverted to Steed through this scheme, according to officials.
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He is also accused of depositing $11.3 million by sold shares, according to officials. The indictment charges Steed with seven counts of wire fraud, two counts of tax evasion, and failing to report and pay taxes on the alleged stolen income.
Officials estimate that Steed stole more than $28 million from his employer through these schemes. More than $18 million was seized for forfeiture and the government is looking to forfeit a Greenwich home that Steed allegedly bought with stolen funds.
The FBI, IRS, and several other agencies are conducting an investigation.
