MOBERLY, Mo. (AP) -- The former CEO of a proposed sweetener facility is expected to make his first court appearance in Missouri Monday on charges alleging he spent bond money intended for the factory for his personal use.
Ex-Mamtek U.S. Inc. head Bruce Cole faces fraud and stealing charges after plans to build a sweetener plant in Moberly collapsed. Prosecutors say he used some of the money from a $39 million bond to avoid foreclosure on his Beverly Hills home.
Cole arrived at the Randolph County Jail in Moberly Saturday. He is scheduled to be arraigned Monday morning on one felony count of stealing and four counts of securities fraud. He is being held on $500,000 bond.
Construction on the Moberly plant stopped when a bond payment was missed last year.