Edmonton property developer faces charges over life-lease money

Greg Christenson has been charged with two counts of failing to return a life-lease entrance fee within 180 days.

The president of an Edmonton property development company that owes millions to seniors from life-lease contracts has been charged.

Greg Christenson, president and co-owner of the Christenson Group of Companies, is facing two counts of failing to return a life-lease entrance fee within 180 days, alleged violations of new Alberta Consumer Protection Act rules that took effect in May.

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The life-lease concept, which has existed for decades, sees leaseholders loan a housing company a large sum of money as an entrance fee.

In return, the leaseholder occupies a housing unit for life until the arrangement is ended or they choose to leave.

More recently, some life-lease holders and their families say it’s been difficult to get their money back from operators once an arrangement has ended.

At the end of last year, the non-profit Alberta Life Lease Protection Society says hundreds of seniors are still owed about $80 million by the company.

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“We really hope that this will be the start of bigger things to come (such as) selling off his assets,” Karin Dowling, a director and past president of the Alberta Life lease Protection Society, told CTV News Edmonton on Monday.

“We know that he’s got equity in those buildings, and if it means that he doesn’t have much in the end for himself, I think he needs to do the right thing and he needs to sell.”

Christenson’s lawyer issued a statement to CTV News Edmonton, saying in part “these charges are without merit. At all times, Mr. Christenson has abided by all relevant and applicable laws.” The statement went on to say he is looking forward to clearing his name in court.

Within files from CTV News Edmonton’s Amanda Anderson