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Tuesday, 26 March 2013 14:15

Mamtek CEO released after posting bail

MOBERLY, Mo. (AP) - 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.

Moberly had 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.

He had been held on $500,000 bond until a judge reduced the amount last week.
Published in Local News
MOBERLY, Mo. (AP) - 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.

Moberly had 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.

He had been held on $500,000 bond until a judge reduced the amount last week.
Published in Local News
JEFFERSON CITY, Mo. (AP) — A Missouri judge has granted reduced bail for the former head of the failed Moberly sweetener plant.

Bruce Cole will need to post $10,000 in cash or secure a $100,000 bond to be released from the Randolph County jail. If released, he could return to his California home and remain under house arrest.

Cole, 65, was being held on a $500,000 bond on claims he perpetrated a massive fraud by persuading Moberly to issue $39 million in bonds to fund an artificial sweetener facility that collapsed financially before construction finished.

Cole faces one theft charge and four counts of securities fraud related to the industrial development bonds issued by Moberly.

The judge granted another motion Friday to reveal what deals the state made with witnesses testifying against Cole.
Published in Local News

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