Before he was arrested on Wednesday, Paul Stad was a respectable expert in the sugar market for a company of Candymaker Mars Inc. The famous, and he worked in a consulting committee for the American Trading for Local Trading as well as in the councils of the industry group, with presentations of presentations at conferences.

Now, Stamford, Contestick, has been accused of federal indictment of stealing more than $ 28 million from Mars since about 2013 through various plans, including transferring money to the companies he created. He was accused of seven charges of fraud in wires and two charges of tax evasion.

Steide, 58, an American and Argentine citizen, acknowledged that he was not guilty of the Federal Court in Bridges on Wednesday and ordered the seizure of the suspended trial. The American Magistrate Judge said that Stad was a flight risk and indicated that although the government had seized $ 18 million of the money that had been blocked, several million dollars are still not determined that Stad had strong links with the family in Argentina.

Standard’s lawyer, Federal Defender, Federal Podoritha, did not respond to an email seeking a comment on Thursday.

His wife, Martina Steide, told the Associated Press in a brief phone call that she did not know all the facts of the case and refused more comment.

Mars Inc. said. In a statement that the case includes “one individual’s work that sought the organization to exploit to achieve personal gains.”

He added: “We have fully cooperated with the application of the law to see this issue quickly brought to justice and it seems always committed to preserving the highest moral standards and integrity in all our operations.”

Steid worked remotely from his home in Stamford as a global risk manager in March Regley, according to federal prosecutors. The company is a subsidiary of MCLEAN, Mars Inc. And based in Virginia, M & M’s maker, SNICKERS, Skittles, Altoids Mints and DoubleMINT GUM, as well as other food products and pet foods.

Steide and his wife seem to live behind their capabilities, according to the judge who permits his detention before the trial.

Judge SS Deef Fatti said that the annual salary of Stad was about $ 200,000, while his wife was reaping between 40 to 50,000 dollars per year as a hairdresser. However, they paid $ 2.5 million in cash in 2023 for a wealthy gorge, Connecticut, and owned a mortgage -free house in Stamford worth a million dollars.

Sted has also sent two million dollars over the past few years to relatives, people and other entities in Argentina, where he seems to have a walk and a tea farm, according to the arrangement.

In July 2012, he established an IBERA LLC company, and a year later began to provide false bills from it to Mars, according to the federal indictment. It is claimed that the scheme lasted until December 2020, as Sted stole approximately $ 580,000 with false bills.

The indictment said that a larger scheme starting in 2016 would transfer millions of dollars from Mars through another company created by Sted, McNA LLC. Prosecutors say that Stad told some sugar refineries that were buying “re -export credits” from Mars to send money to our place instead.

STEED also used MCNA in other fraud, including one that includes stealing more than $ 11 million from selling Mars shares in a financial services company, according to the indictment.

STEED was appointed in early 2021 by the then Minister of Agriculture, Sony Berdu, and American Trade Representative Robert Lezer to work in a consulting committee for the agricultural trade of localities and desalination products.

in LinkedIn Publishing a preview of the commodity conference in New York City last year, Sted was included as a service in many sugar industry groups, including being former head of the New York Sugar Club Club. He was also a member of the Entercontinental Exchange and a member of the US Sugar users Association.

This story was originally shown on Fortune.com

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2025-03-28 10:06:00