Scott Coles Death
- Filed under: Celebrities
- Date: Jun 3,2008
Scott M. Coles, chairman and chief executive officer of Phoenix-based Mortgages Ltd., died Monday afternoon.
Scott Coles ran the biggest private commercial mortgage lender in the state. Scott Coles, 48, was known as a philanthropist, donating money and time to Valley charities including Childshelp, Boys & Girls Clubs and Southwest Autism Research & Resource Center.
Scott Coles, 48, joined Mortgages Ltd. in 1987. He became president in 1992 and took over as chairman and CEO in 1995.
Phoenix-based Mortgages Ltd. is Arizona’s largest private mortgage lender. Its six-member management team remains intact. Laura Martini will serve as interim president.
Scott Coles held a bachelor’s degree in general business from the University of Arizona and completed the Harvard University Business School Owner/President Management Program. Scott Coles was a member of the Arizona Mortgage Brokers Association and the Arizona Mortgage Lenders Association.
The cause and manner of death will be determined by the medical examiner. Hill said there were no obvious signs of foul play, which means Scott Coles may have died by suicide or natural causes.
The Arizona Republic Web site reports Scott Coles ran the biggest private commercial mortgage lender in the state. According to its Web site, Mortgages Ltd. produced $3.3 billion in transactions in 2006, making Coles a millionaire several times over.
The slumping real estate market, however, was catching up to the company. In April, the developers of the Chateaux on Central project filed a lawsuit against Mortgages Ltd. for alleged breach of contract. In May, Rightpath Ltd. Development Group filed a lawsuit against Mortgages Ltd. as well.
Scott Coles was known as a philanthropist, donating money and time to various charities including Childshelp, Boys & Girls Clubs and Southwest Autism Research & Resource Center.
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