Scott Coles, CEO of Mortgages LTD., is dead at 48. From the Times Online:

Mr Coles sought to inject new capital into his business to offset the defaults, but he tried to raise fresh money in terms that undermined his existing investors. When some investors sought to withdraw their funds in April, they were refused by Mr Coles because of lack of capital.

In the weeks leading up to Mr Coles's death, the company was sued by a number of investors, some of whom alleged fraud, racketeering and breach of fiduciary duty in lawsuits filed at the Arizona Superior Court. At the time, the company denied the allegations. Laura Martini, president of Mortgages Ltd, failed to return calls yesterday. On June 24, three weeks after Mr Coles's death, Mortgages Ltd filed for Chapter 11 bankruptcy protection, 45 years after it was founded by Mr Coles's father, Charles.