Judge: former Mamtek CEO owes $1.3 million

Aug 19, 2014

mamtek
Credit Kristofor Husted / KBIA

A federal judge has ruled that former Mamtek CEO Bruce Cole committed fraud to obtain almost $1.3 million from bond funds that were to be used to build an artificial sweetener plant in Moberly.

In a ruling issued Friday, U.S. District Judge Nanette Laughrey rejected all claims raised by Cole and his wife in a bankruptcy case. She ruled just more than 900 thousand dollars transferred to the Coles' personal accounts and $360,000 sent overseas to Cole's creditors must be repaid.

Mamtek defaulted in August 2011, only a year after persuading Moberly leaders to issue $39 million in bonds to build the plant. The Columbia Daily Tribune reports Friday's ruling focused on the fact that Bruce Cole obtained money from a fund established with proceeds from the bonds.