Former Mamtek CEO released from Randolph County Jail
Tue, 26 Mar 2013 15:32:46 GMT —
MOBERLY, Mo. (AP) -- The former CEO of a failed artificial sweetener facility has been released from the Randolph County Jail after posting $10,000 bail while awaiting trial on theft and fraud charges.
Officials at the jail said Bruce Cole was released Monday. He faces one theft charge and four counts of securities fraud stemming from the financial collapse of a Mamtek U.S. facility in Moberly in 2011.
Moberly had issued $39 million in industrial development bonds to help finance the construction of the facility. Among other things, Cole is accused of diverting bond revenues to avoid foreclosure on a home in Beverly Hills, Calif.
He had been held on $500,000 bond until a judge reduced the amount last week.