May 16, 2013
Jefferson City, Mo. – Attorney General Chris Koster announced that he will seek to modify the conditions of bond for former Mamtek CEO Bruce Cole. Cole is awaiting trial on four counts of securities fraud and one count of felony theft in connection with the failed Mamtek venture in Moberly, MO.
Mamtek's project was funded primarily by municipal bonds issued by the Industrial Development Authority of the City of Moberly. The project collapsed after Mamtek failed to make a payment on the bonds in August 2011. Among other allegations, it is alleged that Cole made misrepresentations to secure bond funding and then diverted money intended for the project for personal use, including a large mortgage payment on a Beverly Hills home.
Pursuant to an existing court order, Cole is under house arrest and subject to electronic monitoring. However, the current electronic monitoring technology is radio and land-line based, revealing only when Cole enters or leaves his home. Cole is seeking to remove electronic monitoring from the conditions of his bond. The Attorney General opposes the removal of electronic monitoring and instead will ask the court to require that electronic monitoring be enhanced to include Global Positioning System (GPS) technology, allowing Cole’s whereabouts to be tracked in real-time.
A hearing on the proposed modifications to bond conditions is scheduled for 9:00AM on Monday May 20 in the St. Charles County Circuit Court.
Koster said, "It is important that the best technology be utilized to ensure the defendant does not engage in activities beyond the scope of his house arrest nor attempt to flee from having to answer the charges leveled in our criminal complaint."
The charges against the defendant are merely accusations. As in all criminal cases, the defendant is presumed innocent unless or until proven guilty.