Police arrived at a Phoenix home on Monday afternoon where a Valley CEO was found dead.
Police confirmed the death of Scott M. Coles, whose body was found at the home near 44th Street and Camelback Road, at the base of Camelback Mountain.
Police are blocking the entrance to the house and are releasing few details of the death investigation at this point.
However, no foul play is suspected in the death, police said.
Coles is the chairman and chief executive officer of Mortgages Ltd.
A lawsuit against Mortgages Ltd. was filed by Rightpath Ltd. Development in Arizona Superior Court on May 21 alleging fraud in connection to a $120 million loan in April 2007.
Rightpath Ltd. Development planned to use the loan for a Major League Baseball and Entertainment District on 400 acres west of the University of Phoenix Stadium.
In the lawsuit, Rightpath Ltd. Development claims that excessive fees and interest were charged and that Mortgages Ltd. did not fully fund the loan.
The company is seeking damages in excess of $25 million.
Coles joined Mortgages Ltd. in 1987, became president in 1992, and was named CEO/chairman in 1995.
Under his leadership, the company became Arizona’s largest private mortgage lender, producing $3.3 billion in transactions in 2006.
