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Former Mamtek CEO Bruce Cole jailed in Missouri

5:45 AM, Oct 22, 2012   |    comments
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MOBERLY, Mo. (AP) - The former CEO of a proposed sweetener facility is in jail in Missouri after giving up his fight against being extradited from California.

Ex-Mamtek U.S. Inc. head Bruce Cole faces fraud and stealing charges after plans to build a sweetener plant in Moberly collapsed. Prosecutors say he used some of the money from a $39 million bond to avoid foreclosure on his Beverly Hills home.

The Columbia Daily Tribune reports Cole arrived at the Randolph County Jail in Moberly Saturday. He is being held on $500,000 bond as he awaits trial on one felony count of stealing and four counts of securities fraud.

Construction on the Moberly plant stopped when a bond payment was missed last year.

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Information from: Columbia Daily Tribune, http://www.columbiatribune.com

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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