Saturday, April 25th5.5°C
26072
25222

Former sweetener company CEO pleads guilty to theft, fraud charges over failed Missouri plant

ST. CHARLES, Mo. - The man who persuaded a rural Missouri town and the state to invest millions in bonds and incentives for an artificial sweetener plant that never materialized pleaded guilty Tuesday to three felony charges.

Bruce Cole pleaded guilty to two counts of securities fraud and one count of theft in state court. Sentencing is set for Nov. 3. Under the plea agreement, he faces 5 to7 years in prison.

Cole was CEO of Mamtek U.S. He convinced Moberly, Missouri, to issue $39 million in bonds for a plant Cole said would employ 600. The state authorized up to $17 million in incentives. The plan collapsed financially before construction finished.

Attorney General Chris Koster filed charges in 2012, accusing Cole of diverting at least $700,000 to forestall foreclosure of his California home.

The Canadian Press


Read more Business News

25968


Recent Trending




Today's Market
S&P TSX15408.33+15.98
S&P CDNX697.70-1.78
DJIA18080.14+21.45
Nasdaq5092.08+36.02
S&P 5002117.69+4.76
CDN Dollar0.8210+0.0002
Gold1175.20-17.60
Oil55.50-0.88
Lumber258.50+3.90
Natural Gas2.531+0.002

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.010.00
QHR Technologies Inc1.38+0.00
Cantex0.035+0.005
Anavex Life Sciences0.43+0.01
Metalex Ventures0.095+0.000
Russel Metals27.16+0.41
Copper Mountain Mining1.15+0.06
Colorado Resources0.095+0.000
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.20+0.00
Decisive Dividend Corporation1.80+0.10

 



24947

FEATURED Property
2255302404 - 1495 Graham Street
1 bedrooms 2 baths
$308,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...

_



25221

26069


Member of BC Press Council


25574