Calgary police have charged a man who is believed to be responsible for defrauding several people who each invested thousands of dollars in various real estate opportunities under the direction of a realtor.
Eric Drinkwater, 43, of Calgary, with fraud over $5,000.
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 with a realtor, and had not received any type of repayment despite the financial agreement.
Initially, the realtor 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 realtor about a repayment timeline, the victim was provided several excuses and realized he lost money.
Police were contacted and launched an investigation. It was discovered there were several additional victims who were also promised similar investment opportunities and were never repaid.
Between March 2020 and February 2024, while employed with Re/Max Central, the realtor is believed to have solicited numerous loans disguised as investment opportunities by offering short-term, high-interest transactions, leveraging 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.
He 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.
It was later determined the investments were fictitious and the supporting documents the realtor provided the victims were falsified. So far, 16 victims have come forward to police with a combined loss of more than $1.9 million.
Drinkwater will next appear in court on Wednesday, June 11, 2025.
Anyone with information about these, or similar incidents, or who believes they are a victim of fraud, is asked to contact police by calling 403-266-1234. Tips can also be submitted anonymously to Crime Stoppers through any of the following methods:
TALK: 1-800-222-8477
TYPE: www.calgarycrimestoppers.org
APP: P3 Tips
CA24291959/5268
