Fraudster could pocket cash from Emmanuel Village sale
Province must make case for using the proceeds to pay back fraud victims
KITCHENER — A Kitchener retirement residence built with money from a fraud will be sold in October. Who gets the money is the million-dollar question.
Bryan Hunking, currently serving a fiveyear prison term for the $5.2-million fraud, is on the verge of selling Emmanuel Village, which he helped build with money from his victims.
Proceeds of the sale will be held by a court until the question of who gets the money is resolved.
Mortgage companies that hold a lien on the property could be at the top of the list.
Civil Remedies for Illicit Activities, a branch of the Ontario Ministry of the Attorney General, will try to convince the court that the property should be forfeited under the Civil Remedies Act and some proceeds from the sale be used to pay back victims.
“As the ministry responsible for justice, we are committed to supporting victims of all crimes,” said Brendan Crawley, a spokesperson for the ministry.
“The ministry’s position is that the money from the sale is proceeds of unlawful activity and should be subject to civil forfeiture in accordance with the Civil Remedies Act.”
A hearing date for the civil forfeiture application has not been set.
If the government fails in the application, Hunking, 64, could pocket some of the proceeds.
The fraud, which began in 2000, bilked many elderly investors with little or no investing experience. Police determined at least 79 victims lost more than $8 million, but only 29
victims were counted in Hunking’s criminal trial due to a strict standard of proof for fraud.
Hunking, of Elmira, used money from the fraud to build the $15-million Emmanuel Village, a retirement residence on Weber Street East near Fergus Avenue. The complex has 103 apartment-style suites and 42 townhouses. Hunking became the sole shareholder of the complex.
Last week, the sale of the main fourstorey building to Mississauga-based Revera Inc. was approved by a court. The deal is set to close on Oct. 3.
Revera spokesperson Alison Steeves said her company is buying the retirement residence but not the townhouses. She would not disclose the purchase price.
Steeves said townhouse residents “will continue to have access to the residence to collect their mail and other services as appropriate.”
Revera owns and operates nearly 100 retirement communities across Canada, including 63 in Ontario.
Emmanuel Village townhouse residents have “life leases,” allowing them to live there as long as they want. They do not have title to the property but do have equity.
Bill Hiebert, a townhouse resident, said he hopes someone buys the townhouses.
“With all the bad publicity, the value of our places has really lagged behind other similar properties,” he said.
“But we feel that once this gets straightened out, and we’re no longer associated with that, the property values will jump right up there and be a leader instead of a trailer. We’re really hopeful of that.”
Construction of Emmanuel Village began in 2000, the same year the fraud started. Last year, Hunking pleaded guilty to fraud over $5,000, but said he wasn’t the leader. Justice Ivan Bloom ruled he was the mastermind and sentenced him to five years in prison.