Ex-Mamtek CEO appearing in court on fraud charges

Ex-Mamtek CEO appearing in court on fraud charges

Bruce Cole was charged Tuesday with theft and securities fraud in Missouri for using bond revenues to avoid foreclosure on his Beverly Hills, Calif., home and for failing to tell the truth about the company’s troubled operations.

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Associated Press

Posted on January 17, 2013 at 12:08 PM

MOBERLY, Mo. -- 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.

Bruce Cole appeared in court Thursday as his attorney announced an agreement with prosecutors to forego the preliminary hearing.

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A judge set an arraignment for Jan. 23 and rejected Cole’s request to lower his $500,000 bond.

Cole was head of Mamtek U.S. when it received $39 million of industrial development bonds from Moberly to build an artificial sweetener facility.

Gov. Jay Nixon had said Mamtek could employ 600 people. But the company’s finances fell apart in 2011 before construction finished.

One of the charges alleges that Cole used some of the bond revenues to avoid foreclosure on his home in Beverly Hills, Calif.

 

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