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.
Follow Marshall Griffin on Twitter: @MarshallGReport