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Former Mamtek CEO To Be Extradited To Missouri

2723896 - Bruce A Cole.jpg
(Orange County, California, Sheriff's Dept.)
/

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

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