A former top official of a failed sweetener facility faces fraud and stealing charges. Bruce Cole, the ex-CEO of Mamtek U.S. Inc., is accused of using some of the money from a $39 million bond, intended for a planned factory in Moberly, to avoid foreclosure on his Beverly Hills home. He has been charged with one felony count of stealing and four counts of securities fraud. A federal bankruptcy proceeding and a civil lawsuit on securities fraud are also pending. Cole will appear in a Randolph County courtroom Wednesday for a bond reduction hearing. Proceedings are scheduled for 9:00 a.m.
Mamtek’s project in Randolph County was funded primarily by municipal bonds issued by the Industrial Development Authority of the City of Moberly. The Chinese company had claimed it would bring more than 600 jobs to the Moberly area. Construction on the plant stopped after Mamtek missed a $3.2 million interest and principal payment in August 2011. The Federal Securities and Exchange Commission and Missouri Attorney General Chris Koster then launched separate investigations.