"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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mvsjcl's picture

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

Deathrips's picture

Accounting error? He nailed it!!!

 

Bravo...bravo.

 

RIPS

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.

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. 

 

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...

Pladizow's picture

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

knukles's picture

Fuck Piers Morgan and his National Nail Gun Control

Urban Roman's picture

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

nmewn's picture

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

Son of Loki's picture

"Richard Talley could not be reached for comment."

 

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!

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.

Flagit's picture

2 whole million?

holy doctor evil!

max2205's picture

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

Stoploss's picture

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

 

Synchronized swimmer!!

 

What did i win Alex?

giggler321's picture

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

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

eurogold's picture

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

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.

ZerOhead's picture

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

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

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.

knukles's picture

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

swmnguy's picture

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

TheReplacement's picture

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

teslaberry's picture

i think i saw that in itchy and scratchy.

Larry Dallas's picture

Since when are Title agents "bankers"?

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.

0b1knob's picture

He used to swim with the Olympic swim team.

Now he sleeps with the fishes.

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

 

Tinky's picture


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

 

Ironically, she was having her nails done.

PacOps's picture

Now, that was funny!

sgt_doom's picture

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

Ironmaan's picture

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

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?

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?

FredFlintstone's picture

Title Agent = Banker? NOT!

PacOps's picture

The thick plottens!

RafterManFMJ's picture

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

BurningFuld's picture

That was just him talking to himself.

Seasmoke's picture

Linda Green signed the Death Certificate

knukles's picture

Approving cause of death: Suicide

 

 

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

rtalcott's picture

Better he than me said Cheryl.

Yen Cross's picture

  Is he wearing a Toupée in that picture?

pound the vix's picture

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