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Judge Denies Bond Reduction for Former Mamtek CEO

Thu, 03/13/2014 - 9:58am

ST. CHARLES, Mo. (AP) — A Missouri judge denied a request by former Mamtek CEO Bruce Cole for a reduced bond while he awaits trial for theft in a failed plan to build an artificial sweetener plant in Moberly.

St. Charles County Circuit Judge Daniel Pelkian also ruled Monday that Cole must remain under house arrest in California until his June trial for theft and fraud.

The Columbia Daily Tribune reports Cole participated in the hearing via telephone. He was asking to have his $100,000 reduced to $10,000 cash.

Cole is charged with five felonies connected to a $39 million bond fund issued by Moberly to build the plant for Mamtek. The plant was expected to create 600 jobs but the project fell through and Mamtek is now in bankruptcy.

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Information from: Columbia Daily Tribune, http://www.columbiatribune.com

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