UPDATE: Former Mamtek CEO Bruce Cole Arrested in Orange County
ORANGE COUNTY, Ca. - Orange County authorities arrested Former Mamtek CEO Bruce Cole Tuesday morning at his home in Dana Point, California. Cole is charged with one count of stealing and four counts of securities fraud following the failure of the Mamtek sucralose plant in Moberly. Cole originally promised 600 jobs at the manufacturing plant when the project was announced in 2010, but the project halted after Mamtek missed a payment on $39 million in bonds the city of Moberly issued to fund the project. Missouri Attorney General Chris Koster said the process to extradite Cole to Missouri started Tuesday.
The charges allege that Cole stole at least $25,000 for his own personal use and committed securities fraud by using a company by the name "Ramwell" to take bond money from Mamtek to use for himself that included a mortgage payment on his home. The charges also allege that Cole knew of hazardous chemicals used in Mamtek's manufacturing process even though he said no hazardous substances would be used.
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