Paul Steed, a well-regarded sugar market expert who worked for a Mars Inc. subsidiary, has been accused of embezzling over $28 million from the company since around 2013. He allegedly utilized various methods, such as directing funds to his own businesses, to carry out the theft. Steed, a 58-year-old American and Argentine citizen, entered a plea of not guilty and has been detained until trial due to flight risk concerns and unaccounted funds. Mars Inc. responded, emphasizing their commitment to ethics and cooperating with authorities. Steed, who worked remotely from his home in Stamford, was flagged for living a lavish lifestyle, despite a modest salary, as revealed in court documents. His involvement in fraudulent activities, including setting up a shell company and issuing fake invoices, is detailed in the federal indictment.