Scott M. Coles, the Chairman and CEO of Mortgages Ltd., was found dead Monday in his Phoenix home. Coles was 48 years old.
Coles died after an apparent suicide, but the autopsy will determine the full cause of death.
Mortgages Ltd. will hold a conference call on June 10 at 11am to determine where they move forward with the company after Coles' death.
Laura Martini will serve as Mortgages Ltd.'s interim president. State bank regulators announced Tuesday that they will help oversee the transition process.
Arizona Corporation Commission filings show Coles was Mortgages Ltd.'s top executive and its only corporate director. SMC Revocable Trust is listed as the lending firm's sole shareholder.
Coles joined Mortgages Ltd. in 1987, became President in 1992, and took over as CEO/Chairman in 1995. Mortgages Ltd. has become the biggest private commercial mortgage lender in the state of Arizona, producing $3.3 billion in transactions in 2006 alone.
Coles was a member of the congregation at Temple Chai in Phoenix, where funeral arrangements are being made.
Coles is survived by his wife, Ashley, and three children.
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