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.
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.