Mamtek CEO Must Wear GPS While Awaiting Trial In Moberly Factory Case

Bruce Cole

Bruce Cole

The man behind the failed sweetener factory project in Moberly, Missouri must now wear the GPS technology to allow authorities to track his whereabouts.

A judge in St Charles County on Monday added the monitoring as a condition of bail for former Mamtek CEO Bruce Cole.

Missouri Attorney General Chris Koster argues that Cole, currently under house arrest in California, presents a flight risk.

“Requiring GPS tracking ensures that Mr. Cole will have to be present at trial to answer the charges in our complaint,” Koster said.

Trial is scheduled for the week of February 24, 2014. Cole faces four counts of securities fraud and one count of felony theft.

Cole’s company, Mamtek U.S.A., sought to develop an artificial sweetener factory in Moberly, funded primarily by municipal bonds issued by the city’s Industrial Development Authority. The venture collapsed after Mamtek failed to make a payment on the bonds in August 2011.

Among other allegations, officials say Cole diverted money intended for the project to his personal use, including a large mortgage payment on his home in Beverly Hills.