Mamtek CEO Sentencing Postponed by a Week
Sentencing for the former CEO of a company that promised to bring a sweetener facility to Moberly has been delayed for a week.
Bruce Cole was scheduled to be sentenced Monday in St. Charles County for theft and securities fraud. When he pleaded guilty in September, Cole admitted that he used money for personal expenses from a $39 million bond fund established to finance the proposed plant.
He also admitted lying about factory plans in the documents used to sell the bonds.
Cole's former company, Mamtek, promised in 2010 to build the factory and bring 600 jobs to Moberly but the project collapsed and Mamtek could not meet its bond payments.
The Columbia Daily Tribunereports Cole is expected to be sentenced to five to seven years next week.