A former Calgary realtor who acknowledged running a Ponzi scheme that defrauded dozens of people out of more than $3.5 million has been banned for life from working in Alberta’s real estate industry.
The Calgary Herald reports Eric Drinkwater received his permanent ban from the Real Estate Council of Alberta (RECA), which began investigating the realtor’s actions in April 2024 and suspended his license two months later. Drinkwater was licensed with RE/MAX Central since 2005 and expressed surprise that it took so long for the ban to be announced.
“I really don’t know why the panel took so long to release (its decision),” he said, point out that pointing that he signed an agreement with RECA in December 2024 admitting to his actions. Drinkwater added he would not appeal the ban, stating, “I’m just excited to put it behind me.”
However, the matter is not entirely behind Drinkwater. The RECA panel investigating him levied a $9,500 fine to cover hearing costs, and he faces multiple civil lawsuits plus fraud charges brought against him by the Calgary police. Incredibly, Drinkwater noted the scale of his fraud was greater than the police charges, with dozens more victims and losses nearly double what was laid out in the indictment against him.
Photo courtesy of Rate My Agent
