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MOBERLY (AP) -- The former CEO of a failed artificial sweetener facility in Moberly has waived his right to a preliminary hearing on charges of theft and securities fraud.

Bruce Cole appeared in court Thursday as his attorney announced an agreement with prosecutors to forego the preliminary hearing.

A judge set an arraignment for Jan. 23 and rejected Cole's request to lower his $500,000 bond.

Cole was head of Mamtek U.S. when it received $39 million of industrial development bonds from Moberly to build an artificial sweetener facility.

Gov. Jay Nixon had said Mamtek could employ 600 people. But the company's finances fell apart in 2011 before construction finished.

One of the charges alleges that Cole used some of the bond revenues to avoid foreclosure on his home in Beverly Hills, California.

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