Bruce Cole’s Lawyer Withdraws

Former Mamtek CEO Bruce Cole appeared in Randolph County Circuit Court on Wednesday for an arraignment.During the arraignment, Cole told the judge he cannot afford an attorney in Missouri and needs to travel to the state of California to collect “donations” so he can hire an attorney. He also alleged that he is unable to have privileged communication with his lawyer in Huntsville. Cole told the court that all of their conversations are monitored.During the arraignment, Cole’s public defender, Raymond Legg, filed a motion to withdraw from the case. In addition, he filed a motion for a bond reduction.The judge took took Legg’s motion to withdraw under advisement and has scheduled a February 1st hearing to consider Cole’s bond reduction request.Cole is charged with several counts of theft and securities fraud because of the failed Mamtek facility in Moberly. Prosecutors allege Cole deceived the city of Moberly and investors about the project and “unlawfully profited from the investment by taking at least $700,000 from the bond money for his own personal use.”The stealing charge is punishable by up to 15 years in prison. The four charges of securities fraud carry a potential sentence of up to ten years in prison and a $1 million fine, on each count.