Judge rules that Mamtek CEO committed fraud to obtain almost $1.3M from bond funds

Economic IndicatorsAssociated Press

A federal judge has ruled that former Mamtek CEO Bruce Cole committed fraud to obtain almost $1.3 million from bond funds that were to be used to build an artificial sweetener plant in Moberly.

In a ruling issued Friday, U.S. District Judge Nanette Laughrey rejected all claims raised by Cole and his wife, Nanette Cole, in a bankruptcy case. She ruled that $904,167 transferred to the Coles' personal accounts and $360,000 sent overseas to Cole's creditors must be repaid.

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Mamtek defaulted in August 2011, only a year after persuading Moberly leaders to issue $39 million in bonds to build the plant.

The Columbia Daily Tribune reports (http://bit.ly/XxiCuG ) that Friday's ruling focused on Bruce Cole's obtaining money from a fund established with proceeds from the bonds.


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