Kander says Morgan Keegan told investors that the bonds for the plant were secured by Mamtek’s patents when the company didn’t have any patents.
The hearing set to begin today will determine whether the Missouri attorney general’s office has submitted enough evidence to put Bruce Cole on trial.
Bank officials say an auction of equipment at a failed sweetener plant in Moberly has so far raised less than 5 cents for every dollar spent to finance the project.
CEO Bruce Cole remains jailed in California after refusing to be extradited to Missouri to face charges over a failed business planned for Moberly.
A central Missouri judge has set bond at $500,000 for a failed artificial sweetener company’s CEO who was charged this week with theft and securities fraud.
Tax credits to attract amateur sporting events to the state
House committee members investigating failed Mamtek project approved a bill placing greater due diligence standards on officials investigating future economic development projects.
The report makes a point of stating the panel’s finding that the DED did not do its due diligence while investigating Mamtek.,
The Mamtek project fell through after the company defaulted on a $39 million bond payment to Moberly after promising to create around 600 jobs by building an artificial sweetener plant. .
UMB Bank and four creditors filed a case in federal bankruptcy court in Kansas City.