MOBERLY (AP) - The former chairman and CEO of a Missouri sweetener company who is accused of using bond revenues to avoid foreclosure on his Beverly Hills home is refusing to be extradited from California to face securities fraud and theft charges.
Ex-Mamtek U.S. Inc. head Bruce Cole remains jailed after declining to be extradited to Missouri at a Thursday hearing in Orange County, Calif.
The Columbia Daily Tribune reports California Gov. Jerry Brown must now ask the court to order Cole's extradition.
Cole is accused of redirecting for personal use $700,000 from a $39 million bond fund intended for the development of a plant in Moberly and misleading investors about Mamtek's financial health.
Cole's next court appearance is set for Wednesday.