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Former CEO of failed Mamtek facility released from jail

Published On: Mar 26 2013 10:39:50 AM CDT
Updated On: Mar 28 2013 12:25:05 AM CDT
MOBERLY, Mo. -

The former CEO of a failed artificial sweetener facility has been released from a Missouri jail after posting $10,000 bail while awaiting trial on theft and fraud charges.

Officials at the Randolph County Jail said Bruce Cole was released Monday after his bond was reduced from $500,000 to $100,000 last week.

Randolph County Prosecutor Mike Fusselman said the bond reduction came with several conditions set by the judge. 

Cole had to give up his passport and sign a waiver of extradition and agree to comply with electronic monitoring, said Fusselman. 

According to Fusselman, Cole had 48 hours from the time he was released to get hooked up to an electronic monitoring device. 

Cole is believed to be back in California Tuesday where he will be serving house arrest. 

He faces one theft charge and four counts of securities fraud stemming from the financial collapse of a Mamtek U.S. facility in Moberly in 2011.

Moberly had issued $39 million in industrial development bonds to help finance the construction of the facility. Among other things, Cole is accused of diverting bond revenues to avoid foreclosure on a home in Beverly Hills, Calif.

He had been held on $500,000 bond until a judge reduced the amount last week.

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