Calgary realtor charged in $1.9M real estate investment scam

A Calgary realtor is facing charges after police say he scammed 16 people out of more than $1.9 million.

Forty-three-year-old Eric Drinkwater was employed with Re/Max Central, according to investigators. He now faces one count of fraud over $5,000.

Police say it all started last summer, when a victim contacted police to report he’d been scammed after investing $80,000 over the span of a year with a realtor. He said despite a financial agreement, he hadn’t got any of his money back.

It’s alleged Drinkwater proposed a real estate investment deal with the intention of repaying the victim his initial investment, plus interest.

There were several attempts to get in touch with Drinkwater over the repayment timeline, investigators say, but the victim was met with various excuses and eventually realized his money was gone.

Police now believe while Drinkwater was employed as a realtor from 2020 to 2024, he solicited numerous loans disguised as investment opportunities by offering short-term, high-interest transactions, leveraging his professional capacity as a real estate agent.

Investigators also say he told victims he knew of clients who needed money to close deals on real estate transactions to avoid impacting their credit or borrowing capacity. Drinkwater said he would repay the loans in a short timeframe, with profits made from the sale of his client’s homes.

Drinkwater also guaranteed the transactions, ensuring the victims believed the loans were backed by garnishment of his commission from Re/Max Central, should he fail to repay the loans.

Police say the investments were fake and the supporting documents he provided to alleged victims were also fake.

Drinkwater is set to appear in court next month.

Anyone with information about these or similar incidents, or who believes they are a victim of fraud, is asked to contact police at 403-266-1234 or tip anonymously through CrimeStoppers.