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 say he used some of the money from a $39 million bond to avoid foreclosure on his Beverly Hills home.
The Columbia Daily Tribune reports Cole arrived at the Randolph County Jail in Moberly Saturday. He is being held on $500,000 bond as he awaits trial on one felony count of stealing and four counts of securities fraud.
Construction on the Moberly plant stopped when a bond payment was missed last year.Previous stories...Audit says Mamtek screening could have been better - Tuesday, September 25, 2012 A new audit says Missouri's economic development agency could have done a better job of screening applicants for business incentives.Mamtek debacle leads to criminal charges - Tuesday, September 18, 2012 The CEO of a failed artificial sweetener company has been charged with theft and securities fraud in Missouri.