Ricky Coley, suspect in Mich. cop shooting and Detroit-area standoff, is in financial trouble, police say

(CBS/AP) WEST BLOOMFIELD TOWNSHIP, Mich. - Police identified the suspected gunman who barricaded himself in his Detroit-area home after the fatal shooting of a veteran police officer as Ricky Coley, the head of a financial company who's in trouble with regulators.

West Bloomfield Township police Lt. Timothy Diamond identified the suspected gunman Monday. The U.S. Labor Department filed a lawsuit in August accusing Coley of mishandling money that was supposed to cover employee insurance at a Michigan trucking company controlled by his CNC Holdings.

The lawsuit said Coley transferred $342,000 from Translogic Auto Carriers to himself or his affiliates. Creditors forced Translogic into bankruptcy court in 2010. The bankruptcy case is pending.

West Bloomfield Officer Pat O'Rourke was fatally shot Sunday evening after responding to a 911 call about trouble at Coley's home in the Oakland County community. He was pronounced dead at a hospital, Diamond said.

O'Rourke was a 12-year veteran police officer and a married father of four. He was part of a team of four or five officers who responded to a 911 call that a man had tried to kill himself or needed medical attention.

They called the man's name as they climbed the stairs to the second floor and "were met by shots fired through the bedroom door and the drywall," Diamond said. The man has fired off several more gunshots since then.

Two other people escaped the home before the 911 call, and it wasn't clear if the suspected gunman was alone in house as the standoff continues. Diamond said the suspected gunman was also involved in a "divorce situation."

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Sept. 10, 2012 - Mich. man suspected in fatal shooting of veteran police officer, barricades himself in Detroit house, authorities say