Former Mamtek CEO set to make plea in fraud case

5 years 1 month 1 week ago Tuesday, September 02 2014 Sep 2, 2014 Tuesday, September 02, 2014 7:08:00 AM CDT September 02, 2014 in News
By: Jenn Croft, KOMU 8 Reporter
loading

MOBERLY - Former CEO of Mamtek U.S., Bruce Cole, is scheduled to appear in court for a plea hearing Tuesday. Cole is accused of deceiving the city of Moberly and investors and stealing profit from the investment for his personal use.

In the spring of 2010, Mamtek U.S. promised more than 600 jobs to the Moberly community in return for financial help to build an artificial sweetener factory.

Later that year, in July, the Moberly Industrial Development Authority issued $39 million in bonds to finance Mamtek's factory. In August of 2011, with the building still in construction, Mamtek officials said they didn't have the money to make a bond payment. California authorities arrested Cole and prosecutors charged him in September 2012 after the missed bond payment forced construction on the factory to a halt. 

Cole is charged with one count of theft and four counts of securities fraud for using bond revenues to pay for his home in Beverly Hills, California. The counts also claim that Cole made false statements about his company, including:

- Mamtek's manufacturing process did not include hazardous materials, when in fact, it did.
- Mamtek already had a fully functioning artificial sweetener plant in China, when in fact, the facility had been shut down by the Chinese government.
- The Moberly facility could be fully operational within 4-6 months, when in fact, Cole knew it would not.

Since the Mamtek factory failed in 2011, the city of Moberly has paid at least $677,000 in court fees. Tuesday residents were anxious for Cole's plea hearing and a possible end to the ordeal.

"Somebody needs to take responsibility and I think it should be him," she said. "I think everybody's ready to move on and be done with it," said Moberly resident Laurie Boardsen.

Cole was expected to plead guilty on all criminal charges of theft and fraud. 

More News

Grid
List
JEFFERSON CITY - State Auditor Nicole Galloway released an audit Wednesday of the Insurance Dedicated Fund and the Insurance Examiners'... More >>
10 minutes ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 6:48:00 PM CDT October 16, 2019 in News
JEFFERSON CITY — Missouri Attorney General Eric Schmitt filed a lawsuit against Cory Mincey and Puppy Love Kennel of Dallas... More >>
1 hour ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 5:48:00 PM CDT October 16, 2019 in News
COLUMBIA - The Sharp End Heritage Committee unveiled seven new markers Wednesday that will be placed on the African American... More >>
1 hour ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 5:48:00 PM CDT October 16, 2019 in News
COLUMBIA - In an effort to decrease the number of suicides across the state, a non-profit group is teaming up... More >>
1 hour ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 5:45:00 PM CDT October 16, 2019 in News
MILLER COUNTY - A Tuscumbia man has been sentenced to 15 years in the Missouri Department of Corrections for failure... More >>
4 hours ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 2:42:00 PM CDT October 16, 2019 in News
JEFFERSON CITY - Three former Cole County Emergency Medical Services employees filed lawsuits against the county on Monday, claiming discrimination... More >>
4 hours ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 2:33:00 PM CDT October 16, 2019 in News
JEFFERSON CITY - A precautionary boil water advisory has been issued for Missouri American Water customers in Jefferson City after... More >>
4 hours ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 2:16:00 PM CDT October 16, 2019 in News
COLUMBIA - A Pennsylvania law firm has filed a class-action lawsuit against Hy-Vee. The lawsuit comes after the grocery... More >>
5 hours ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 1:31:00 PM CDT October 16, 2019 in News
DETROIT (AP) — Bargainers for General Motors and the United Auto Workers have reached a tentative contract deal that could... More >>
7 hours ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 11:05:35 AM CDT October 16, 2019 in News
COLE COUNTY - A St. Thomas man is dead after a tractor crash Tuesday evening. According to the Missouri... More >>
9 hours ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 9:53:00 AM CDT October 16, 2019 in News
COLUMBIA - New trail markers identifying places of interest in the African American community are coming to the downtown Columbia... More >>
15 hours ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 3:53:00 AM CDT October 16, 2019 in News
COLUMBIA - The local segment of a national student film competition called "Campus Movie Fest" (CMF) is starting Wednesday at... More >>
15 hours ago Wednesday, October 16 2019 Oct 16, 2019 Wednesday, October 16, 2019 3:52:00 AM CDT October 16, 2019 in News
COLUMBIA - The Columbia school district is investigating after a racist image imitating the web site of Columbia's Gentry Middle... More >>
21 hours ago Tuesday, October 15 2019 Oct 15, 2019 Tuesday, October 15, 2019 9:24:00 PM CDT October 15, 2019 in News
COLUMBIA - The University of Missouri Police Department (MUPD) is investigating a sexual assault that happened over the weekend near... More >>
23 hours ago Tuesday, October 15 2019 Oct 15, 2019 Tuesday, October 15, 2019 7:53:00 PM CDT October 15, 2019 in News
COLUMBIA - Twelve Democratic presidential candidates took stage Tuesday night in Ohio while mid-Missouri viewers watched on television. The debate... More >>
23 hours ago Tuesday, October 15 2019 Oct 15, 2019 Tuesday, October 15, 2019 7:44:00 PM CDT October 15, 2019 in News
COLUMBIA - The University of Missouri released the results Tuesday of a survey on the campus climate surrounding sexual assault... More >>
23 hours ago Tuesday, October 15 2019 Oct 15, 2019 Tuesday, October 15, 2019 7:27:00 PM CDT October 15, 2019 in News
JEFFERSON CITY- Missouri State Auditor Nicole Galloway said Tuesday Missouri is in no shape to handle a recession if financial... More >>
23 hours ago Tuesday, October 15 2019 Oct 15, 2019 Tuesday, October 15, 2019 7:13:00 PM CDT October 15, 2019 in News
COLUMBIA - From ear to ear, it's hard to miss 94-year-old Elmo Winterhalter's smile. "I don't know I've always... More >>
1 day ago Tuesday, October 15 2019 Oct 15, 2019 Tuesday, October 15, 2019 6:40:00 PM CDT October 15, 2019 in EmVP
Columbia, MO
Broken Clouds 49°
7pm 49°
8pm 47°
9pm 45°
10pm 44°