State Attorney General Chris Koster announced the charges Tuesday against Bruce Cole, who was chairman and CEO of Mamtek U.S.
The company had received $39 million in bonds from the city of Moberly and authorization for $17 million of state incentives to build an artificial sweetener factory that would eventually employ more than 600 people. But construction was halted last year after Mamtek missed a bond payment.
The charges allege Cole routed $700,000 from Mamtek bonds to his wife to make a mortgage payment and avoid foreclosure on their Beverly Hills, Calif., home.
The four securities fraud charges allege Cole failed to tell the full truth about Mamtek's operations.