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Mo. Secretary of State seeks retribution against financial management company

File

Missouri Secretary of State Jason Kander is taking action against a financial management company connected to the failed Mamtek artificial sweetener plant in mid-Missouri.

Kander on Thursday announced a cease-and-desist order against Morgan Keegan & Co. Inc.. Kander says Missouri bond purchasers investing in the failed plant near Moberly lost $6.5 million. He seeks restitution, civil penalties, fees and costs.

Morgan Keegan, now a division of Raymond James Financial Inc., underwrote the Moberly, Mo., bonds for the Mamtek project. Messages seeking comment from the company were not immediately returned.

Criminal charges were filed last month against former Mamtek CEO Bruce Cole. He is accused of perpetrating fraud by persuading Moberly to issue $39 million in bonds and the state to authorize up to $17 million in incentives.