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.
The northern Missouri artificial sweetener plant project that turned sour when its financing collapsed last year is holding an out-of-business sale.
Mamtek U.S. received $39 million of industrial development bonds from the city of Moberly and could have earned up to $17 million of state tax incentives to build the factory. Construction ceased on the partially complete factory after Mamtek missed a bond payment in August 2011. Former CEO Bruce Cole faces fraud and stealing charges and remains in the Randolph County Jail awaiting trial.
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.
Originally published on Thu September 27, 2012 5:52 pm
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.
A patent attorney who vouched for a Chinese artificial sweetener factory has testified that he became aware of concerns about the Chinese site before a deal closed to finance the construction of a similar plant in Moberly.
Los Angeles attorney Michael Wise testified yesterday by video conference after being subpoenaed by a special Missouri House committee investigating the failure of Mamtek U.S. Incorporated, which had been offered state and local incentives to open a factory in Moberly.