advertisement

UPDATE: Former CEO of Mamtek released from Missouri jail after posting bail

Tuesday, March 26, 2013 | 11:05 a.m. CDT; updated 11:38 a.m. CDT, Tuesday, March 26, 2013

MOBERLY — 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 said Tuesday.

Bruce Cole was released Monday after the cash bail was paid, Randolph County jail officials said. Cole has been charged with one theft charge and four counts of securities fraud stemming from the financial collapse of a Mamtek U.S. facility in Moberly in 2011.

Moberly, 30 miles north of Columbia, issued $39 million in industrial development bonds to help finance the construction of the facility. Among other things, Cole is accused of diverting bond revenues to avoid foreclosure on a home in Beverly Hills, Calif.

Cole had been held on $500,000 bond, but Judge Russell Steele reduced that to $100,000, citing Cole's lack of financial resources and lack of prior convictions in his ruling reducing bail.

Cole was released to house arrest and is subject to electronic monitoring. He was required to surrender his passport and is only allowed to leave to meet with attorneys or attend court proceedings, for medical reasons or to attend church.

The Mamtek factory in Moberly once had the support of the state's highest-ranking officials but now stands abandoned.

While seeking government incentives, Mamtek said it had developed proprietary technology and begun manufacturing the artificial sweetener sucralose in China. Gov. Jay Nixon announced in July 2010 that Mamtek had chosen Moberly and could eventually create more than 600 jobs in the city.

 


Like what you see here? Become a member.


Show Me the Errors (What's this?)

Report corrections or additions here. Leave comments below here.

You must be logged in to participate in the Show Me the Errors contest.


Comments

Leave a comment

Speak up and join the conversation! Make sure to follow the guidelines outlined below and register with our site. You must be logged in to comment. (Our full comment policy is here.)

  • Don't use obscene, profane or vulgar language.
  • Don't use language that makes personal attacks on fellow commenters or discriminates based on race, religion, gender or ethnicity.
  • Use your real first and last name when registering on the website. It will be published with every comment. (Read why we ask for that here.)
  • Don’t solicit or promote businesses.

We are not able to monitor every comment that comes through. If you see something objectionable, please click the "Report comment" link.

You must be logged in to comment.

Forget your password?

Don't have an account? Register here.

advertisements