Calgary realtor charged after allegedly defrauding clients out of $1.9M

Calgary Police Service Headquarters. (File Photo)

A Calgary realtor accused of defrauding more than a dozen people out of $1.9 million has been charged with fraud.

Police received a report in July 2024 from a victim who believed he had been scammed as part of an $80,000 investment.

The victim said he had invested money with a realtor but had not received repayment, as per their financial agreement.

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Police said the realtor had initially proposed an investment deal with the intention of repaying the victim his investment, plus interest.

“After several attempts to communicate with the realtor about a repayment timeline, the victim was provided several excuses and realized he lost money,” police said in a Thursday news release.

Police launched an investigation and found several other victims who were promised similar opportunities but not repaid.

The realtor is believed to have solicited numerous loans through supposed investment opportunities while employed as a realtor with Re/Max Central between March 2020 and February 2024.

The investment opportunities were offered as short-term, high-interest transactions, which leveraged his professional capacity as a real estate agent.

“It is believed he told victims he knew of clients who needed funding to close deals on real estate transactions to avoid impacting their credit or borrowing capacity. The realtor explained he would repay the loans in a short timeframe, with profits made from the sale of his client’s homes,” police said.

Police say the realtor guaranteed the transactions, making victims believe the loans were backed by Re/Max Central if he did not repay them.

The investments were determined to be fictitious and the supporting documents were falsified. Police say 16 victims have come forward so far, with a combined loss of more than $1.9 million.

Eric Drinkwater, 43, of Calgary, has been charged with one count of fraud over $5,000.

Last year, the Real Estate Council of Alberta (RECA) suspended Drinkwater’s licence, barring him from trading real estate in the province.

Drinkwater’s hearing with RECA on the matter has been adjourned until May 22.

In March, a judge ruled in favour of claimants against Drinkwater in a lawsuit seeking to recover damages related to a “major Ponzi scheme,” according to lawfirm Loberg Ector LLP.

A judge awarded the firm’s clients the full amount of their claims, including “$2,278,114.19 for funds advanced under the fraudulent pretext, $185,124.90 in accrued interest, costs on a solicitor and own client full-indemnity basis, and an award of punitive damages of $1 million.”

The court also granted a declaration that Drinkwater acted fraudulently in the scheme.

Anyone with information about these incidents or those similar, or who believes they are a victim of fraud, can contact Calgary police by calling 403-266-1234.

Tips can also be submitted anonymously to Crime Stoppers.