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Mon October 22, 2012
Former Mamtek CEO now jailed in Missouri
The former CEO of a proposed sweetener facility is in jail in Missouri after giving up his fight against being extradited from California.
Ex-Mamtek U.S. Inc. head Bruce Cole faces fraud and stealing charges after plans to build a sweetener plant in Moberly collapsed. Prosecutors said he used some of the money from a $39 million bond to avoid foreclosure on his Beverly Hills home.
The Columbia Daily Tribune reported Cole arrived at the Randolph County Jail in Moberly Saturday. He is held on $500,000 bond as he awaits trial on one felony count of stealing and four counts of securities fraud.
Construction on the Moberly plant stopped when a bond payment was missed last year.