73
      Tuesday
      91 / 70
      Wednesday
      91 / 69
      Thursday
      92 / 70

      Former Mamtek CEO ordered to pay creditors

      Bruce Cole

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