Bruce Cole, the former CEO of Mamtek, was due in a California Courtroom Wednesday but did not appear. He is expected to fight extradition to Missouri when he appears Thursday.
Cole is wanted for stealing money, securities fraud, and other serious charges. Even if he loses his bid to fight extradition, Cole would not be back in Missouri for at least a few weeks. Meanwhile, an audit of the Missouri Department of Economic Development has been released.
The report stated that due diligence needs to be at the forefront of that department. According to documents, the D-E-D is blasted for its handling of Mamtek saying, “This was not a reputable company, it was not well financed and it did not live up to its promises”. In early June, Mamtek incorporated – the company behind the failed Moberly project – filed for chapter seven bankruptcy while involved in several Missouri lawsuits. Moberly had issued 39-million-dollars in bonds for the project, and later had to default on those bonds.