09-19-2012, 02:47 PM #1
MO - Small-Town Scandal Leads to Big-Time Fraud Charges
In 2010, Bruce Cole, a Beverly Hills lawyer with a dubious record as a businessman, made a lot of promises to the town of Moberly, Mo. He said he would relocate his company from China and build a state-of-the-art factory to manufacture sucralose, an artificial sweetener............. Moberly officials, eager for the jobs and beguiled by the idea of investment from China, quickly issued $39 million worth of municipal bonds for Mamtek U.S. The company spent most of the money but never finished the facility. It defaulted on its bond payments in the summer of 2011 and then declared bankruptcy. Cole was never heard from again.
On Tuesday, Cole was arrested. The Missouri Attorney General has charged him with securities fraud and theft. As I reported in January, Cole had exaggerated his company’s performance and prospects and seemed to have taken some of the bond money to keep his Beverly Hills home from being sold in foreclosure proceedings.
More at link.......
09-19-2012, 03:01 PM #2I am polka dot
- Join Date
- Aug 2003
- Left Coast USA
From that link:
"According to Rudi Keller, at the Columbia Daily Tribune, Cole was arrested this morning at his new residence in Dana Point, Calif. In June, Cole sold his home on Beverly Hills’ tony North Elm Drive for about $5.8 million. Bond was set at $500,000, and Koster said extradition proceedings would begin immediately."
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