Mamtek CEO charged with theft, securi...

Mamtek CEO charged with theft, securities fraud

There are 9 comments on the Anchorage Daily News story from Sep 18, 2012, titled Mamtek CEO charged with theft, securities fraud. In it, Anchorage Daily News reports that:

The CEO of a failed artificial sweetener company was charged Tuesday with theft and securities fraud in Missouri for using bond revenues to avoid foreclosure on his Beverly Hills, Calif., home and for failing to tell the truth about the company's troubled operations.

Join the discussion below, or Read more at Anchorage Daily News.

schmucky

Mexico, MO

#1 Sep 18, 2012
mayor bob riley made the comment ""He was a very personable man — and still is, I'm sure —(it was) hard not to join on the bandwagon," Riley said." perhaps mr. riley should not only step down but be held accountable (as well as the rest of city councel) if he/they are going to "join the bandwagon" just because somebody is a smooth talker. sure put this community in a bind and they need to step up to the plate. don't think for a minute tax payers won't be paying for this fiasco. thanks alot guys.

Read more: http://www.beaumontenterprise.com/news/articl...
Informed Moberly Citizen

United States

#2 Sep 18, 2012
schmucky wrote:
mayor bob riley made the comment ""He was a very personable man — and still is, I'm sure —(it was) hard not to join on the bandwagon," Riley said." perhaps mr. riley should not only step down but be held accountable (as well as the rest of city councel) if he/they are going to "join the bandwagon" just because somebody is a smooth talker. sure put this community in a bind and they need to step up to the plate. don't think for a minute tax payers won't be paying for this fiasco. thanks alot guys.
Read more: http://www.beaumontenterprise.com/news/articl...
Mayor RIley, I am a very personable person, can I have 18 million or so. Evidentally, that is all it takes!
just sayin

Macon, MO

#4 Sep 19, 2012
schmucky wrote:
mayor bob riley made the comment ""He was a very personable man — and still is, I'm sure —(it was) hard not to join on the bandwagon," Riley said." perhaps mr. riley should not only step down but be held accountable (as well as the rest of city councel) if he/they are going to "join the bandwagon" just because somebody is a smooth talker. sure put this community in a bind and they need to step up to the plate. don't think for a minute tax payers won't be paying for this fiasco. thanks alot guys.
Read more: http://www.beaumontenterprise.com/news/articl...
Actually, at least the guy used it to stop foreclosure on his home! Most homes in California bear a hefty price tag, so maybe there is hope for Moberly to recover some of the money lost. The court may very well order, I hope so anyway, that his house be sold (along with any other assets) to repay this to Moberly. Individuals who were hurt by the man MAY also be able to file suits against the man as well. Not sure, just saying I don't see why not. I would tell any affected by the promised jobs, more specifically ones who moved to the area solely for promised employment, to call a lawyer & inquire about this while the guy is still under the thumb of the authorities. He's had to have swindled far more than just Mayor Riley (Moberly) out of money you would think. There may be more than ample assets to recoup our losses.
Informed Moberly Citizen

United States

#5 Sep 20, 2012
Informed Moberly Citizen wrote:
<quoted text>
Mayor RIley, I am a very personable person, can I have 18 million or so. Evidentally, that is all it takes!
Mayor RIley? Mayor RIley?
Not anymore

United States

#6 Sep 23, 2012
Informed Moberly Citizen wrote:
<quoted text>
Mayor RIley? Mayor RIley?
Dear Moberly Council and Mayor,

I hope you are embarassed and ashamed of your lack of knowledge and of your behavior.
time for change

United States

#7 Sep 23, 2012
Not anymore wrote:
<quoted text>
Dear Moberly Council and Mayor,
I hope you are embarassed and ashamed of your lack of knowledge and of your behavior.
I bet they are embarrassed... their egos are probably hurt. Unfortunately, they aren't as ashamed & embarrassed as they likely should be, simply because there are so many Moberlyans that still do not know exactly what happened. They just think some CEO poser scammed us. They don't know that a small amount of diligence & accountability would have saved us from this multi-million dollar mistake. See, there are scammers all around the world attacking us every day. Those notorious emails that you have likely received from some foreigner, etc asking for your bank account numbers to transfer an ungodly amount of money into your account is just one example. Most people with common sense know not to do financial transactions before knowing exactly who they are dealing with. I won't even DATE a person before checking them out on casenet! I feel like Moberly was failed by its leadership on such an unbelievable scale. I truly expected more from a descendant of Art Riley after their obvious exposure to the business world. Shame on them, the whole lot: councilmen & mayor.
Informed Moberly Citizen

United States

#8 Sep 25, 2012
just sayin wrote:
<quoted text>Actually, at least the guy used it to stop foreclosure on his home! Most homes in California bear a hefty price tag, so maybe there is hope for Moberly to recover some of the money lost. The court may very well order, I hope so anyway, that his house be sold (along with any other assets) to repay this to Moberly. Individuals who were hurt by the man MAY also be able to file suits against the man as well. Not sure, just saying I don't see why not. I would tell any affected by the promised jobs, more specifically ones who moved to the area solely for promised employment, to call a lawyer & inquire about this while the guy is still under the thumb of the authorities. He's had to have swindled far more than just Mayor Riley (Moberly) out of money you would think. There may be more than ample assets to recoup our losses.
No. his house will not be an asset, because he probably owes more than its worth right now. The sale will be at a loss and the Mortgage holders are first in line, and there will be nothing left for us.

As for swindling others? Well, he tried. However, other towns were smarter than Moberly. Other towns would not sign on the dotted line until they could verify this guy. Which they could not.

You see, other towns did their due dilligence and DECLINED the deal. Moberly? No due dilligence, yes, yes, yes, sign on the dotted line and now, look where we are!

Why could other City Governments see this? Why could they research it and find out he was a bad investment and turn him down? Those acts alone prove that Riley should of known.
country chick

Macon, MO

#9 Sep 25, 2012
Informed Moberly Citizen wrote:
<quoted text>
No. his house will not be an asset, because he probably owes more than its worth right now. The sale will be at a loss and the Mortgage holders are first in line, and there will be nothing left for us.
As for swindling others? Well, he tried. However, other towns were smarter than Moberly. Other towns would not sign on the dotted line until they could verify this guy. Which they could not.
You see, other towns did their due dilligence and DECLINED the deal. Moberly? No due dilligence, yes, yes, yes, sign on the dotted line and now, look where we are!
Why could other City Governments see this? Why could they research it and find out he was a bad investment and turn him down? Those acts alone prove that Riley should of known.
Wouldn't a government debt take priority over the mortgage holder? Even though the city is just a municipal level government, I would have thought that it would... just as taxes, student loans, etc. As for the rest of what you said, absolutely no argument here. No fault lies anywhere but the mayor and the councilmen.
Informed Moberly Citizen

United States

#10 Sep 26, 2012
country chick wrote:
<quoted text>Wouldn't a government debt take priority over the mortgage holder? Even though the city is just a municipal level government, I would have thought that it would... just as taxes, student loans, etc. As for the rest of what you said, absolutely no argument here. No fault lies anywhere but the mayor and the councilmen.
Of course theBanks/ Lien Holders will be first in line, then if the Federal Government and State Government had a claim, Then its just whoever files a lien first. It could be Capitol One, a car mechanic then City of Moberly. I think it could be whichever claims are filed first and/or who he has owed the longest??? I do not think that Moberly Municipality has any higher ranking than anything else.

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