Mamtek debacle leads to criminal charges : News : HeartlandConnection.com

Mamtek debacle leads to criminal charges

Posted: 09.18.2012 at 11:06 AM

The site of the failed artificial sweetener company in Moberly, Mo.

MOBERLY, MO. (AP) -- The CEO of a failed artificial sweetener company has been charged with theft and securities fraud in Missouri.

State Attorney General Chris Koster announced the charges Tuesday against Bruce Cole, who was chairman and CEO of Mamtek U.S.

The company had received $39 million in bonds from the city of Moberly and authorization for $17 million of state incentives to build an artificial sweetener factory that would eventually employ
more than 600 people. But construction was halted last year after Mamtek missed a bond payment.

The charges allege Cole routed $700,000 from Mamtek bonds to his wife to make a mortgage payment and avoid foreclosure on their Beverly Hills, Calif., home.

The four securities fraud charges allege Cole failed to tell the full truth about Mamtek's operations.

Comments are the sole responsibility of the person posting them; they are not reflective of the views or opinions of Barrington Broadcasting, KTVO3, its directors or employees. If you believe a comment violates the Barrington Terms of Use, please flag it above.

Popular Stories

Alleged molester has sex crime history
KTVO Newsdesk | Yesterday at 11:34 AM | 14 comments

Teen killed in Randolph County crash
KTVO Newsdesk | Yesterday at 4:48 PM | 2 comments

Vandals strike downtown Kirksville, police asking for help
Yesterday at 11:21 AM | 3 comments

Follow Heartland Connection

Get news and weather notifications on your phone by downloading the iPhone or Android app below

submit

Special Features

Your next car

View inventory from Lovegreen Ford Chrysler

Senior of the Month

View and Nominate here

Senior Living

Information for you

Best Bets Home & Ag

Home and Ag information from our experts

Find it, click it, use it... your neighborhood business guide.

Latest Headlines

Water Treatment Plant work prompts planned boil order
The boil order is expected to go into effect around noon this Friday.
read more »
Georgia radio hosts fired after mocking ex-NFL player with ALS
Kirksville City Council gives residents a break on water bills
Give tips anonymously to Macon police
Hospice Quarter Mile Campaign makes sense
Teen heart transplant recipient shares encouraging story

The latest local news, weather and high school sports from the Heartland