Friday, July 31st25.1°C
26925
26843

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




Recent Trending




Today's Market
S&P TSX14490.34+107.58
S&P CDNX591.15+2.85
DJIA17741.81-4.17
Nasdaq5144.49+15.71
S&P 5002110.49+1.86
CDN Dollar0.7659-0.0034
Gold1096.90+0.60
Oil48.01-0.90
Lumber250.90-0.90
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.165-0.015
Knighthawk0.010.00
QHR Technologies Inc1.40-0.02
Cantex0.04-0.01
Anavex Life Sciences0.829+0.029
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.80+0.02
Colorado Resources0.065+0.005
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.10-0.04
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
23527912594 Fayette Road
4 bedrooms 3 baths
$585,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



26586

26509


Member of BC Press Council


24697