As had been expected, the death of Scott Coles, who until his death was the CEO of Mortgage Ltd., has been ruled a suicide by the Maricopa County Medical Examiner:

Coles overdosed on a combination of alcohol, opiate Oxycodone and the sleep prescription drug Ambien, according to the report. His blood alcohol level was 0.24 percent.

Coles, 48, was found in the master bedroom of his home in the Arcadia-area of Phoenix during the afternoon of Monday, June 2. He was found lying in bed, wearing a black tuxedo complete with cufflinks, a white tie, black socks but no shoes, a watch and his wedding ring. He had a cardboard picture of his wife Ashley Coles next to him. There was also a copy of an email with a Shakespeare quote found on the bed

Mortgages Ltd. used investors’ money to make loans at high interest rates to commercial real-estate developers. Developers who took out loans had often been turned down by banks or needed cash quickly for a project and were willing to pay the higher interest rates.

Mortgages Ltd. was forced into bankruptcy by some of its creditors three weeks after Cole’s suicide. Several high-profile developments in the Valley that relied on Mortgages Ltd. loans are now on hold, and thousands of Mortgages Ltd. investors are fighting to get their money back.

Related Posts

1. Subprime Mortgage Lender Executive Jumps To Death (January 18, 2008)
   Tagged Housing Bubble
   
2. Death and Resurrection at the BLS (May 5, 2007)
   Tagged Can You Believe This?, Housing Bubble, Market Trends
   
3. When Demand Is Gone And Lenders Are Out Of Money (June 22, 2008)
   Tagged Housing Bubble, Mortgage Banking in Finance, Phoenix Market
   
   
4. Phoenix: Foreclosure Goes Prime Mortgage Time (November 23, 2007)
   Tagged Housing Bubble in Phoenix Market
   
   
5. Crack of Doom- The Holiday Season Is Officially On (November 26, 2007)
   Tagged Housing Bubble