A former executive for a subsidiary of candymaker Mars Inc. pleaded guilty Thursday to fraud and tax charges in connection with his theft of $28 million from the company, federal prosecutors said.

Paul Steed , 58, appeared in federal court in Bridgeport, Connecticut.

He also agreed to pay $28.4 million in restitution to Mars and owes another $10 million in back taxes to the Internal Revenue Service, U.S. Attorney for Connecticut David Sullivan said in a statement.

Paul Steed, 58, a former executive for Mars Inc., pleaded guilty to fraud and tax charges stemming from his theft of $28 million from the company. jetcityimage – stock.adobe.com

Steed, of Stamford, Connecticut, who is free on $5 million bail, did not immediately return messages left at phone numbers and emails listed for

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