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"Nail Gun Suicide" Banker's Firm Probed Over Missing Millions

Tyler Durden's picture




 

Just a few short weeks ago we reported on the unusual suicide, due to self-inflicted nail-gun wounds, of Richard Talley, CEO of Denver-based American Title Services. The death of the 57-year-old banker was accompanied by the fact that his firm was under investigation by the insurance regulators, and now, as The Denver Post reports, state prosecutors launched a criminal investigation and a grand jury over more than $2 million missing from escrow accounts. As part of that inquiry, investigators have seized about 100 boxes of documents and about 60 computers as records suggest the seemingly successful title business had serious financial problems. Talley's wife, Cheryl, who owns the other 60% of the firm has not commented.

 

Via The Denver Post,

The firm...

Talley, 56, owned 40 percent of the company he founded with his wife, Cheryl, who owns the other 60 percent, according to bankruptcy records.

 

Cheryl Talley did not respond to efforts by The Denver Post to reach her.

The suicide...

The Arapahoe County coroner's office said Talley shot himself in the chest seven times with 2½ -inch finish nails from a nail gun before firing a fatal nail into his head. Police found him dressed for work, sitting in his car in the garage and with the motor running.

 

Records show Title Resources was to confront Talley about the missing escrow funds the morning he died.

The probe...

State prosecutors launched a criminal investigation and a grand jury into bankrupt American Title Services just days after its CEO killed himself with a nail gun, according to federal court records.

 

Meanwhile, the title insurance company for which American Title was writing policies said more than $2 million is missing from escrow accounts the Greenwood Village company maintained on real estate closings.

The background...

In its lawsuit, Title Resources said it first uncovered discrepancies in ledgers kept by American Title and America's Home Title, a related company, in late January. The ledgers "appeared to be altered to create the facade of balanced trust accounts."

 

Title companies handle large amounts of money in closing real estate transactions, keeping funds in trust or escrow and then paying them to the appropriate party.

 

Dallas-based Title Resources said in its lawsuit that American Title's controller, Bill Krieg, has admitted that money was misappropriated from the escrow accounts, but the extent of the alleged embezzlement is unclear.

 

Title Resources said it was forced to pay about $2 million in missing escrow funds — money set aside in real estate transactions to cover costs such as utilities, taxes and property liens such as mortgages — and that affected consumers will not be impacted.

 

Krieg has not responded to efforts to reach him.

 

American Title's bankruptcy showed it owed about $40,000 in back rent to the owners of the Greenwood Village office tower that housed its headquarters, and about $36,000 in rent to other landlords of its branch offices.

This does not come entirely as a shock... as we noted previously,

A checkered past?

Before coming to Colorado, Talley was a former regional financial officer at Drexel Burnham Lambert in Chicago, where he met his wife, Cheryl, a vice president at the company. The two married in 1989.

 

Talley had formed a number of companies, some now defunct, according to the Colorado secretary of state's office. Among them: American Escrow, Clear Title, Clear Creek Financial Holdings, Swift Basin, Sumar, American Real Estate Services, and the American Alliance of Real Estate Professionals.

It would appear, unfortunately, that Mr. Talley was not an entirely honest man...

Talley's 1989 wedding announcement in the Chicago Tribune noted he was "a member of the 1980 U.S. Olympic swimming team."

 

A spokeswoman for USA Swimming on Thursday said Talley was not on the team.

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Sat, 03/29/2014 - 14:57 | 4605771 Uncle Remus
Uncle Remus's picture

Ruh roh.

Sat, 03/29/2014 - 15:02 | 4605785 mvsjcl
mvsjcl's picture

And let's not forget that they were smack dab in the middle of all the robo-signing shanaigans.

Sat, 03/29/2014 - 15:04 | 4605791 Deathrips
Deathrips's picture

Accounting error? He nailed it!!!

 

Bravo...bravo.

 

RIPS

Sat, 03/29/2014 - 15:10 | 4605802 Joe Sixpack
Joe Sixpack's picture

Shot himslef in the chest 7 times before shooting himself in the head? I am surprised he did not cut himself up into little pieces and scatter himself across 5 square miles of forest, too.

Sat, 03/29/2014 - 15:14 | 4605809 Keyser
Keyser's picture

The question is who really pulled the trigger 9 times and put the last nail in the coffin. My guess is Colonel Mustard in the pantry. 

 

Sat, 03/29/2014 - 15:37 | 4605828 ZerOhead
ZerOhead's picture

The guy offs himself over a lousy 2 mill. That's a sad excuse for a banker.

I'll bet Llyod and Jamie blew whole Cheerios out their noses when they read that story...

Sat, 03/29/2014 - 15:52 | 4605889 Pladizow
Pladizow's picture

Obummer has already proposed a national registration and nail gun data base!

Sat, 03/29/2014 - 15:55 | 4605893 knukles
knukles's picture

Fuck Piers Morgan and his National Nail Gun Control

Sat, 03/29/2014 - 17:14 | 4606081 Urban Roman
Urban Roman's picture

Next we'll be finding out that the ATF has been supplying nail guns to the Mexican crime cartels. 

Sat, 03/29/2014 - 19:42 | 4606530 nmewn
nmewn's picture

I think that was Shrimp Boy & Leland Yee...lol.

Sat, 03/29/2014 - 23:04 | 4606992 Son of Loki
Son of Loki's picture

"Richard Talley could not be reached for comment."

 

Sun, 03/30/2014 - 06:31 | 4607348 GetZeeGold
GetZeeGold's picture

 

 

Suicide by nail gun.....and now we hear of some inconsistencies?

 

Gotta tell you....I'm a little shocked to hear that!

Sun, 03/30/2014 - 11:38 | 4607684 MontgomeryScott
Sun, 03/30/2014 - 00:13 | 4607098 DeadFred
DeadFred's picture

This story isn't interesting unless it can implicate JPM. I would say Goldman Sachs but their implicated in anything shady by default.

Sat, 03/29/2014 - 16:54 | 4606038 Flagit
Flagit's picture

2 whole million?

holy doctor evil!

Sat, 03/29/2014 - 17:31 | 4606146 max2205
max2205's picture

He may have pulled the trigger the first time but I am pretty sure she pulled the next 6 

Sat, 03/29/2014 - 16:12 | 4605936 Stoploss
Stoploss's picture

"a member of the 1980 U.S. Olympic swimming team."

 

Synchronized swimmer!!

 

What did i win Alex?

Sat, 03/29/2014 - 16:52 | 4606028 giggler321
giggler321's picture

Easy mistake to make, probably just a mis-print, noting he was part of his college swimming team :)

Sat, 03/29/2014 - 15:16 | 4605817 prains
prains's picture

it's hard to get yourself into the trunk of a car and drive that far, usually takes a friend or two to help out

Sat, 03/29/2014 - 15:18 | 4605823 eurogold
eurogold's picture

I can think of a few better ways to go. Nail gun is not for Me

Sat, 03/29/2014 - 15:17 | 4605820 Bill of Rights
Bill of Rights's picture

Right, I've been shot in the foot with a finish nail it's not a painless thing let me tell you, yet Captin America here took 7 to the chest and then put one In his own head? ...mmm k I feel like less of a man.

Sat, 03/29/2014 - 15:19 | 4605825 ZerOhead
ZerOhead's picture

It hurts the most when you slowly pull the nail out...

(OT but isn't Dick Talley a porno actor?)

Sat, 03/29/2014 - 15:57 | 4605899 fonzannoon
fonzannoon's picture

so some little piker took a few million and someone nailed him to the wall. actually sounds like justice was served and none of it has any relavance to the markets or any big picture stuff.

In the meantime that whale corzine orders another potato colada and continues to sprawl out on that beach chair like pizza the hut.

Sat, 03/29/2014 - 16:03 | 4605917 knukles
knukles's picture

Nah, he was framed.
Linda, she took the money and then nailed him.

Sat, 03/29/2014 - 18:23 | 4606278 swmnguy
swmnguy's picture

He was finished, not framed.  Different kind of nailer. 

Sun, 03/30/2014 - 00:56 | 4607148 StychoKiller
StychoKiller's picture

swmnguy FTW!!

Sat, 03/29/2014 - 19:45 | 4606543 TheReplacement
TheReplacement's picture

Actually, it doesn't hurt much to pull out.  It really is the going in part that hurts.

Sun, 03/30/2014 - 08:51 | 4607464 teslaberry
teslaberry's picture

i think i saw that in itchy and scratchy.

Sat, 03/29/2014 - 23:04 | 4606990 Larry Dallas
Larry Dallas's picture

Since when are Title agents "bankers"?

Sun, 03/30/2014 - 15:52 | 4608274 Buck Johnson
Buck Johnson's picture

No kidding, this guy and his wife was robbing paul to pay peter.  And that was because they took money out that they shouldn't to live a lifestyle, just you wait and see.

Sat, 03/29/2014 - 15:03 | 4605786 0b1knob
0b1knob's picture

He used to swim with the Olympic swim team.

Now he sleeps with the fishes.

Sun, 03/30/2014 - 15:36 | 4608244 sgt_doom
sgt_doom's picture

No, no, no!

He was very confused when he filled out thst CV or application, what he really meant to write down was that he was an esteemed mamber of the Attack Girls Swim Team (v. the Undead):

http://watch32.com/movies-online/attack-girls-swim-team-vs-the-undead-829

 

Sat, 03/29/2014 - 14:58 | 4605775 Tinky
Tinky's picture


"Cheryl Talley did not respond to efforts by The Denver Post to reach her."

 

Ironically, she was having her nails done.

Sat, 03/29/2014 - 15:10 | 4605788 El Oregonian
El Oregonian's picture

sad

Sat, 03/29/2014 - 15:06 | 4605793 PacOps
PacOps's picture

Now, that was funny!

Sun, 03/30/2014 - 15:37 | 4608246 sgt_doom
sgt_doom's picture

Or . . . she was enjoying her new winter home in Mallorca or Aruba?

Sat, 03/29/2014 - 14:59 | 4605776 Ironmaan
Ironmaan's picture

So a dishonest douche offed himself. Others like him should follow in his footsteps. 

Sat, 03/29/2014 - 16:30 | 4605980 WillyGroper
WillyGroper's picture

7 nails to the bod b4 the uhmmm, finishing nail?

and you believe he did himself in?

Who was owed the money & who was implicated?

Sun, 03/30/2014 - 15:39 | 4608251 sgt_doom
sgt_doom's picture

Say, Big Willy, have you noticed that people who believe that "suicide by 8 nails from the nail gun" also believe that on 9/11/01 all compound resistance disappeared in the Twin Towers and Building 7, thus accounting for their solid state collapse, which only happens under controlled demos?

Sat, 03/29/2014 - 15:00 | 4605777 FredFlintstone
FredFlintstone's picture

Title Agent = Banker? NOT!

Sat, 03/29/2014 - 15:03 | 4605787 PacOps
PacOps's picture

The thick plottens!

Sat, 03/29/2014 - 15:11 | 4605794 El Oregonian
El Oregonian's picture

.

Sat, 03/29/2014 - 15:33 | 4605848 RafterManFMJ
RafterManFMJ's picture

Neighbors say he was heard screaming, "NO!! PLEASE DON'T KILL ME!!" during his suicide.

Sat, 03/29/2014 - 18:24 | 4606281 BurningFuld
BurningFuld's picture

That was just him talking to himself.

Sun, 03/30/2014 - 08:52 | 4607465 teslaberry
teslaberry's picture

CORONERS HATE HIM!!!!

Sat, 03/29/2014 - 15:04 | 4605790 Seasmoke
Seasmoke's picture

Linda Green signed the Death Certificate

Sat, 03/29/2014 - 16:35 | 4605902 knukles
knukles's picture

Approving cause of death: Suicide

 

 

Linda is just one amazing fount of knowledge
The Oracle of Robo

Sat, 03/29/2014 - 15:07 | 4605795 rtalcott
rtalcott's picture

Better he than me said Cheryl.

Sat, 03/29/2014 - 15:09 | 4605798 Yen Cross
Yen Cross's picture

  Is he wearing a Toupée in that picture?

Sat, 03/29/2014 - 15:08 | 4605799 pound the vix
pound the vix's picture

Any good banker knows that a framing nail gun is the way to go

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