The former CEO of a failed artificial sweetener plant in Moberly is charged with theft and fraud.
Businessman Bruce Cole said his Mamtek project would bring up to 600 jobs to Moberly. The city borrowed $39 million to help Cole build a plant for the Chinese-based company.
On Tuesday, Cole was charged in Randolph County Court with four felony counts of securities fraud, and a felony charge of theft. He’s accused of lying about Mamtek’s history, and taking money meant to build the company and using it to pay for his Beverly Hills home and employee salaries.
Missouri officials promised Mamtek nearly $17 million in tax credits back in July of 2010, but the company wasn’t able to cash them in. The court says Cole can’t leave the country, and there’s now a warrant for his arrest.