May 20, 2013
Jefferson City, Mo. – The St. Charles County Circuit Court today imposed GPS monitoring as a condition of former Mamtek CEO Bruce Cole's bond while he awaits trial on four counts of securities fraud and one count of felony theft. The Attorney General argued that Cole, who is currently under house arrest in California, presented a flight risk.
Cole was already subject to electronic monitoring, but the system in place was radio and land-line based, which informed authorities when Cole entered or left his home, but did not monitor Cole’s location. The Attorney General asked the court to require that electronic monitoring be enhanced to include GPS technology, allowing Cole’s whereabouts to be tracked in real-time. The judge ordered that Cole must comply with the new monitoring requirements within 14 days.
"Requiring GPS tracking ensures that Mr. Cole will have to be present at trial to answer the charges in our complaint," Koster said.
In today's hearing, the judge also set the date of the trial for the week of February 24, 2014.
Cole's company, Mamtek U.S.A., sought to develop an artificial sweetener factory in Moberly, funded primarily by municipal bonds issued by the city’s Industrial Development Authority. The venture 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.
The charges against the defendant are merely accusations. As in all criminal cases, the defendant is presumed innocent unless or until proven guilty.