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Judge: Mamtek CEO committed $1.3M bond fraud

Published August 19, 2014 9:02 am
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Columbia, Mo. • 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.

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 said Friday's ruling focused on Bruce Cole's obtaining money from a fund established with proceeds from the bonds.

 

 

 

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