The court-appointed attorney for a former CEO of a failed Moberly factory project says his client earns too much money to have a public defender.

Randolph County public defender Raymond Legg withdrew as Bruce Cole’s attorney during a preliminary hearing Wednesday afternoon.

The Southern California businessman faces felony fraud charges in Missouri.

He’s accused of stealing from the $39 million in bond funds borrowed by the city of Moberly to build the Mamtek artificial sweetener factory, which never opened.

Prosecutors say Cole made false statements to promote his company and the bond sale.

Legg told a judge that Cole’s income includes monthly Social Security benefits and a loan from his wife. Another hearing in the case is scheduled for next month.