Calgary, Alberta – A former Calgary real estate agent is facing fraud charges after allegedly defrauding 16 investors out of nearly $2 million over a four-year period, police announced Thursday.
Eric Drinkwater, 43, was charged with one count of fraud over $5,000 following a lengthy investigation by Calgary police. Authorities say the fraud occurred between March 2020 and February 2024, during which time Drinkwater was employed by Re/Max Central.
The investigation began in July 2024 when a victim reported to police that he believed he had been scammed after investing $80,000 in what was presented as a real estate opportunity. Despite assurances of repayment with interest, the victim received nothing and was met with repeated excuses from Drinkwater.
Police uncovered at least 16 victims who were allegedly persuaded to provide short-term, high-interest loans under the false promise of investment returns. The total financial loss reported was $1.9 million.
The scheme, according to investigators, ended in February 2024. Drinkwater’s real estate license was suspended by the Real Estate Council of Alberta on June 18, 2024.
Drinkwater is scheduled to appear in court on June 11.
