Seniors demand money back after Toronto church condo project failed

On a hot Sunday morning in late June, at least two dozen seniors stand outside an evangelical Christian church in Scarborough, holding handmade signs.

As church congregants pull into the busy parking lot for Sunday services, the message on Compton DeSouza’s sign reads: “People of God Do Not Defraud,” while his wife’s hand-held sign reads “Counting Sheep Can’t Sleep – Refund Our Money.”

In 2016, DeSouza saw an advertisement for a twin tower highrise condo project on a piece of land at Global Kingdom Ministries Church on Markham Road. The following year, DeSouza placed a deposit on the seniors-only life lease project to be built on the site.

“All our our cheques were written directly to Global Kingdom Ministries in trust,” DeSouza said.

But four years later, the project fell apart, he said.

To this day, DeSouza still hasn’t received his deposit back: it was $97,500.

“This is unfair. There has to be justice for these people; they need to do the right thing,” said Genie Kiriakou, whose mother invested in the project offered by Trinity Ravine Community, Inc., also known commonly as TRC.

In 2022, it filed for bankruptcy and the court appointed Deloitte Restructuring, Inc., to liquidate the community’s assets.

But even though seniors paid money directly to the church, which includes a large building and adjacent parking lot, some creditors are wondering why the church itself isn’t being forced to sell assets to pay back seniors who are owed money.

“If they wanted to, (the church) could — they have big assets,” said Gary Sidhu, who paid a deposit.

Others Global News spoke to paid various amounts to Global Kingdom Ministries.

“$70,000,” said Al Adman, describing his investment he made.

Krisha Parek’s parents each spent $65,000 as deposit on one of the retirement units.

“They’re crying every day,” Parek said, describing the impact of his mother and father’s financial setback.

Walking up a line of protesters, one man says he lost $110,000; another says he is out $84,000.

But some investors have received their deposits back. However, the protesters say the money was refunded to certain members of the church, not other seniors.

Seniors peppered congregants with questions about how the church is explaining their actions to those in the flock.

At least two church members told Global News the current pastor has been assuring church-goers that the investors’ concerns are being addressed.

When Global News went inside the church seeking comment, volunteers and security personnel closed a door between the atrium and the auditorium where a preacher was giving a Sunday sermon.

A staff member, who declined to give her name, said she would pass on questions to the church administration.

A few days later, Global News heard from Bob Johnston, the former lead pastor at Global Kingdom Ministries.

“We are deeply disappointed that Trinity Ravine Community, Inc. entered the CCAA process,” Johnston wrote, referring to the bankruptcy process.

“When this project was first imagined years ago we were hopeful it would be beneficial and a blessing to our community,” wrote Johnston.

“We are saddened that the outcome has resulted in many people suffering personal and financial loss. The church is among those that have incurred significant losses as well,” Johnston said in the email.

But many seniors say if the church had integrity, it would take responsibility for the failure.

“We trusted the church. That’s the reason we put these deposits (in),” said Johnston Raju.

Besides losing their deposits at this point, the seniors say they’ve been left several years behind because of the rapidly-rising cost of housing in the Greater Toronto Area.

“For the last six years, they had our money tied up,” said DeSouza, who along with other seniors wants a full refund plus interest.

Al Adman says he didn’t suspect he’d be in this position when he put money down.

“We all believed in the church, we believed it was a good deal.”