Former BofA Employee Accused of Stealing Seniors Reverse Mortgage Proceeds

image The San Francisco Chronicle is reporting that a former Bank of America customer service representative has been charged with swindling $61,000 from a 96-year-old woman who entrusted him with her finances.

Twenty five year old Saul Cornejo of Daly City was being held on $50,000 bail after pleading not guilty Thursday to charges of felony elder abuse and grand theft said the Chronicle. 

Cornejo had persuaded Eunice Mongan who was a customer at the BofA branch to allow him access to her account as her personal banker said prosecutors.


They say that from July 2008 through August 2009, Cornejo opened new accounts in Mongan’s name and withdrew money from them.  The alleged crimes came to light in August after Mongan’s niece accompanied her to the bank and thought Cornejo was acting suspiciously.

She then went to Bank of America officials and San Francisco police, who found a total of $61,000 missing from her aunt’s accounts and from the proceeds of a reverse mortgage.

Ex-bank employee accused of swindling old woman

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  • Hopefully this doesn't get picked up as another “reverse mortgage fraud”. At first reading, the loan appears to be a pawn of an alleged financial fraud rather than the enabler or cause in any sense.

    • John,

      You are so right.

      We know what sells in the press; anything negative regarding reverse mortgages is among the top sellers. If someone uses a reverse mortgage to commit a fraud, then the press treats it as a reverse mortgage issue. This is but another reason why the industry needs a positive press initiative.

  • Senator McCaskill will have a field day with this!

    I agree with the Critic about the positive press initiative…when is NRMLA gonna get that going? It has been sorely needed for the past two years yet all we hear is that “it is coming”.

  • I agree that the positive press news will help, but it won't stop the negative. If any of you EVER know anyone doing this stunt, PLEASE turn them in. I cannot believe the gall of people.

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