Former Mamtek CEO ordered to pay creditors
Tue, 19 Aug 2014 13:15:25 GMT —
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.