Business
5:52 pm
Wed October 3, 2012

Sweetener company CEO headed back to Missouri

Missouri officials say the former head of an artificial sweetener company has agreed to return from California to face charges of theft and securities fraud stemming from a failed factory project.

Bruce Cole was chairman and CEO of Mamtek U.S. Inc., which received $39 million of industrial development bonds from the city of Moberly to build a sweetener plant.

Cole is charged in Missouri with using bond revenues to avoid foreclosure on his Beverley Hills home and misleading investors about his company's financial health.

The office of Missouri Attorney General Chris Koster says Cole waived extradition during a California court appearance Wednesday.

Construction on the Moberly project was halted after a bond payment was missed last year. The state had offered $17 million worth of incentives but none were paid.