Former Calgary real estate agent facing fraud charges in huge investment scam

A former Calgary real estate agent is facing charges after allegedly defrauding investment clients out of nearly $2 million, police said in a Thursday news release.

"In July 2024, a victim contacted police to report he believed he was scammed after he invested approximately $80,000 over the span of a year," police said.

They said the victim had not received any type of repayment from the real estate agent despite the financial agreement.

"Initially, the [agent] proposed a real estate investment deal with the intention of repaying the victim his initial investment, plus interest. After several attempts to communicate with the [agent] about a repayment timeline, the victim was provided several excuses and realized he lost money."

$1.9M in losses

An investigation revealed at least 16 alleged victims had been persuaded to make short-term, high interest loans that were presented as investment opportunities. The scheme was carried out over four years, ending in February last year, police said.

They lost $1.9 million, police say.

Eric Drinkwater of Calgary has been charged with one count of fraud over $5,000. Police say the fraud occurred between March 2020 and February 2024, while Drinkwater was employed with Re/Max Central.

The 43-year-old is scheduled in court June 11.

According to the Real Estate Council of Alberta's website, Drinkwater's real estate licence was suspended on June 18, 2024.