A former Mars Wrigley executive making $200k a year stole $28 million from the company and bought a multi-million dollar home [Fortune]
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Source: Fortune
He served on a U.S. trade advisory committee for sweeteners as well as on industry group boards, while giving presentations at conferences. Now Steed, of Stamford, Connecticut, is accused in a federal indictment of stealing more than $28 million from Mars since about 2013 through various schemes, including diverting funds to companies he set up. He is charged with seven counts of wire fraud and two counts of tax evasion. Steed, 58, a dual U.S. and Argentine citizen, pleaded not guilty in federal court in Bridgeport on Wednesday and was ordered detained pending trial. A U.S. magistrate judge said Steed was a flight risk and noted that while the government has seized $18 million of the allegedly pilfered funds, several million dollars remain unaccounted for and Steed has strong connections to family in Argentina. Steed's lawyer, federal public defender Phoebe Bodurtha, did not immediately respond to an email seeking comment Thursday. His wife, Martina Steed, told The Associated
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