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COLUMBIA, Mo. (AP) — A new lawsuit is seeking $30 million from an investment banking firm and 10 employees because of a failed factory project in central Missouri.

Morgan Keegan, which has merged with Raymond James Financial Inc., was the underwriter in 2010 for a $39 million bond issue for a failed artificial sweetener factory for Mamtek US Incorporated in Moberly. Construction on the factory stopped in August 2011 when Mamtek failed to make a required bond payment.

The Columbia Daily Tribune reports new lawsuit was filed Wednesday in Boone County because $5.6 million worth of the bonds, in default since 2011, were sold there.

A Raymond James spokesman says the company denies wrongdoing, and the state reviewed the project before the city agreed to issue bonds before Morgan Keegan was hired.

Published in Local News

JEFFERSON CITY, Mo. (AP) - Missouri prosecutors want a judge to let them keep closer tabs on the former head of a failed artificial sweetener plant in Moberly.

Attorney General Chris Koster's office said Thursday it has filed a motion in St. Charles County Circuit Court seeking to monitor ex-Mamtek CEO Bruce Cole with a wearable GPS device.

Cole is under house arrest in his home state of California awaiting a Missouri trial on felony fraud and forgery charges. His bond was reduced from $500,000 to $100,000 in March.

The Mamtek project was financed with $39 million in bonds issued by the city of Moberly's Industrial Development Authority. The project collapsed after Cole's company missed a bond payment in August 2011.

A hearing is scheduled Monday on a change of venue from Randolph County.

Published in Local News

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