bruce cole

The former CEO of a company that announced it would open an artificial sweetener plant in a small north Missouri town, but never did, has pleaded guilty to three felony counts connected to the scandal.

In 2010, Mamtek CEO Bruce Cole persuaded city leaders in Moberly to issue $39 million in bonds to build the plant, which was to employ 600 people. Shortly afterward, the state's Economic Development Department kicked in $17 million in tax credits for the project -- however, those credits were never used.

mamtek
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.

mamtek
Kristofor Husted / KBIA

The criminal trial of former Mamtek CEO Bruce Cole has been delayed until December by a St. Charles County judge presiding over the case.

MFA Oil approved to purchase Mamtek property in Moberly

Dec 3, 2013
mamtek
Kristofor Husted / KBIA

MFA Oil announced this afternoon it has been approved to purchase property in Moberly that would have housed the Mamtek facility. MFA officials could not comment on the sale price, but say a bankruptcy court has approved the sale of the 33 acre property. 

Corey Mehaffy is the President of Moberly Area Economic Development. He said the city is looking forward to assisting MFA in preparing the facility for use after the previous trouble the city had with the space.

Keith Burtis / Flickr

A federal judge in Missouri has refused to remove herself from a lawsuit involving a failed sweetener company whose leaders were aggressively questioned by the judge's lawmaker husband.

Attorneys for investment bank Morgan Keegan wanted U.S. District Judge Nanette Laughrey to step aside from a lawsuit filed by an Alabama investor in the failed plant in Moberly.

The Columbia Tribune reports John Cromeans is seeking restitution of $50,000 he spent on bonds issued by the Moberly Industrial Development Authority for Mamtek U.S. Inc. and marketed by Morgan Keegan.

Koster wants to track ex-Mamtek CEO with GPS

May 16, 2013
Brian Turner / Flickr

Missouri prosecutors want a judge to let them keep closer tabs on the former head of a failed artificial sweetener plant in Moberly.

Moberly Monitor-Index: City of Moberly dropped from Mamtek case

Lead in text: 
Earlier this week, KBIA told you the City of Moberly has paid at least $677,000 in court fees since the Mamtek sucralose factory failed in 2010, including at least $60,000 in fees so far in April. Today, the Moberly Monitor-Index is reporting the city and its development authority have both been dismissed from a case being brought against them by Mamtek bondholders.
Business
Kristofor Husted / KBIA

The former CEO of a failed artificial sweetener facility has been released from a Missouri jail after posting $10,000 bail while awaiting trial on theft and fraud charges.

Officials at the Randolph County jail say Bruce Cole was released Monday. He faces one theft charge and four counts of securities fraud stemming from the financial collapse of a Mamtek U.S. facility in Moberly in 2011.

Regional news coverage from the KBIA newsroom, including:

  • Missouri House rejects Democratic effort to expand Medicaid
  • Mamtek CEO makes bail
  • Rep. Hartzler and Mayor McDavid call for funding to keep airport tower open
Joe Gratz / Flickr

The former CEO of a failed artificial sweetener facility in Moberly has waived his right to a preliminary hearing on charges of theft and securities fraud.

A bank says that most investors in the failed Mamtek factory project in Moberly will soon begin receiving small payments from a recent auction of the company’s equipment.

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Flickr / steakpinball

A Randolph County judge has refused to lower the $500,000 cash bond for the former CEO of a failed factory project in Moberly who is facing felony fraud charges.

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Flickr / steakpinball

A central Missouri judge will allow media to have cameras, audio and video recording during court appearances by the former head of an artificial sweetener company now facing charges of theft and securities fraud.

Bruce Cole was chairman and CEO of Mamtek U.S. Inc., which received $39 million in industrial development bonds from the city of Moberly to build a sweetener plant. Construction stalled after a bond payment was missed. Authorities accuse Cole of using bond revenues for personal purposes and misleading investors.

Keith Burtis / Flickr

An auction of assets left from a failed artificial sweetener factory in Moberly is drawing curious onlookers but few big buyers.

The auction of Mamtek U.S. property drew more than 20 prospective bidders Wednesday morning to a Moberly hotel ballroom, joined by online participants.

Buyers sought deals on individual pieces of equipment owned by Mamtek, but no one submitted a bid for the company's real estate or its intellectual property.

Joe Gratz / Flickr

The former CEO of a failed sweetener facility is back in Missouri to face charges that he spent public money intended for the planned Moberly factory for his personal use.

Ex-Mamtek U.S. Inc. head Bruce Cole faces fraud and stealing charges after plans to build the plant collapsed. Prosecutors say he used some of the money from a $39 million bond to avoid foreclosure on his Beverly Hills home.

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.

Kristofor Husted / KBIA

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 former CEO of Mamtek is fighting extradition to Missouri.

At a court hearing today in Santa Ana, California, Bruce Cole refused to be extradited, which means that he can’t be sent back to Missouri unless the Governor of California asks the court to order it.  A spokeswoman for the Missouri Attorney General’s office says that request is being expedited.

Kristofor Husted / KBIA

UPDATE: 3:00 pm, Tuesday September 18:

Former Mamtek CEO Bruce Cole was arrested at his home in Dana Point, California on Tuesday after the Missouri Attorney General charged him with theft and fraud.

Missouri Attorney General Chris Koster told reporters that Bruce Cole -- the former CEO of the now defunct company Mamtek -- has been charged with stealing and four counts of securities fraud.