Former Mamtek CEO To Be Extradited To Missouri
Former Mamtek CEO Bruce Cole has ended his fight to be extradited to Missouri, where he faces charges related to the collapse of a project to build an artificial sweetener plant in the town of Moberly.
After refusing last week to be extradited, Cole reversed course at a hearing today in Orange County, California, and waived extradition. He is charged with diverting $700,000 in bond money to cover personal expenses. That included around $250,000, which was directed towards a failed attempt to prevent foreclosure on his home in Beverly Hills.
Moberly issued $39 million in bonds to fund construction of the plant, but work ground to a halt after Mamtek missed a bond payment. The town’s bond rating was later downgraded.
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