Former Mamtek CEO Wearing GPS Monitor Till Trial

A judge has ordered the former head Mamtek to wear a GPS electronic monitoring device while he awaits trial on felony fraud and forgery charges. St. Charles County Circuit Judge Daniel Pelikan ordered ex-Mamtek CEO Bruce Cole to wear the device while he is at home. 65-year-old Cole, of Beverly Hills, Calif., was under electronic monitoring when he was freed on bond in March but has been using a radio-and-telephone-based system that only tells officials when he’s at home or not at home. Cole is under house arrest in his home state of California. His bond was reduced from $500,000 to $100,000 in March. The Mamtek project was financed with $39 million in bonds issued by the city of Moberly’s Industrial Development Authority. The project collapsed after Cole’s company missed a bond payment in August 2011. In addition to criminal charges, Cole faces a civil lawsuit from the SEC and a bankruptcy suit filed by UMB Bank, the bondholders’ trustee.