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A former executive at a Mars Inc. subsidiary has pleaded guilty to stealing more than $28 million from the company.

Paul Steed, 58, appeared in federal court in Bridgeport, Connecticut, on Thursday. He admitted to wire fraud and tax evasion, and now faces restitution payments and potential prison time.

Steed worked for Mars Wrigley, the branch of Mars Inc. known for making candy like M&M's, Snickers, and Skittles.

He was a global price risk manager, trusted with handling sugar pricing and other financial matters.

Prosecutors say he used that trust to run secret schemes, starting in 2013, that moved money into fake companies he controlled.

One of those companies was called MCNA LLC — a name chosen to sound like "Mars Chocolate North America," an actual Mars division. According to AP News, most of the stolen funds, over $26 million, were funneled into MCNA, authorities said.

The Department of Justice said Steed agreed to pay back $28.4 million to Mars and owes another $10 million in unpaid taxes.

Mars Fraud: $2.3M Greenwich Home Linked to Stolen Funds

US Attorney David Sullivan confirmed that authorities have already seized more than $18 million from Steed's accounts.

They are also seeking to sell a home in Greenwich, Connecticut, that was allegedly bought with $2.3 million in stolen money.

Additionally, prosecutors say Steed sent $2 million to Argentina, where he has relatives and owns a ranch.

Steed, who holds dual US and Argentine citizenship, is currently out on a $5 million bond, NY Post reported.

"This was a years-long fraud scheme by someone trusted with access to large amounts of company money," prosecutors said. "He used that trust to personally profit while hiding the truth."

His sentencing is scheduled for December 9. He faces time in federal prison, although the exact sentence will be decided by a judge.

Steed's lawyer, Deirdre Daly — a former US Attorney for Connecticut — has not commented publicly on the case.

Mars Inc., based in McLean, Virginia, did not issue a statement but is expected to be repaid through the restitution deal.