Missouri Fraud Uncovered!

The former CEO of Mamtek committed fraud to secure almost $1.3 million from bond funds that were supposed to be used to build an artificial sweetener plant in a central Missouri town, a federal judge ruled in a bankruptcy case.




Bruce Cole CEO of Mamtek



In a ruling issued Friday, U.S. District Judge Nanette Laughrey rejected all appeals raised by Bruce Cole & his wife, & ordered them to repay $904,167 that had been transferred to their personal accounts & an additional $360,000 sent overseas to creditors.

 

 

The Moberly Industrial Development Authority agreed in 2010 to issue $39 million in bonds to fund the building of the sweetener plant in Moberly, and Mamtek promised the plant would bring 600 jobs to the town. The state of Missouri also authorized up to $17.6 million in tax credits and other incentives for the plant.

 

 

But when the money became available, Mamtek submitted a $4.1 million invoice from "Ramwell Industries Inc.," a company that had provided no goods or services to Mamtek and that did not exist, Laughrey said. Bruce Cole helped to prepare that invoice, the source said.

The money was distributed to creditors, including Mamtek officers, with $700,000 going to Mr. Cole's wife's personal account shortly before the couple's Beverly Hills home was to be sold in foreclosure.

 

Governor of Missouri Jay Nixon one of Cole's supporters