The embattled ex-CEO of a failed artificial sweetener company has posted bond. Attorneys for Mamtek U.S. Inc.’s former top official, Bruce Cole, 65, had filed at least five motions requesting a bond reduction at previous court hearings in the case. The legal team’s most recent appeal was during an appearance on Mar. 15 in a Randolph County courtroom.
Cole is accused of inappropriately using funds from a $39 million municipal bond, which was intended to be used to build a factory in Moberly. He was charged in Sept. 2012 with one count of felony theft and four felony counts of engaging in fraud/misrepresentation in the offer, sale or purchase of securities.
Judge Russell Steele, who was appointed by the Missouri Supreme Court to preside over the case, granted the defense’s latest request for a reduction in bond last Friday, Mar. 22. Cole’s bond was lowered from $500,000 to $100,000. He posted ten percent of the new amount on Monday, Mar. 25, according to unofficial online court records. He also surrendered his passport and signed a waiver of extradition that would allow him to be returned to Missouri if he failed to show for any future court appearances.
Cole’s next hearing had not been scheduled at the time of this report.