Calgary, Alta. — Former Calgary real estate agent Eric Drinkwater has admitted to operating a Ponzi scheme and agreed to a lifetime ban from Alberta’s real estate industry.
The Real Estate Council of Alberta (RECA) says Drinkwater raised approximately $3.1 million from investors under false pretenses, promising lucrative returns while using new investor funds to pay existing investors — a hallmark of Ponzi fraud.
An investigation by RECA determined that Drinkwater misrepresented investment opportunities tied to real estate development, while failing to disclose that investor funds were being misappropriated and commingled.
Drinkwater voluntarily entered into a lifetime prohibition agreement with RECA, which permanently bars him from holding any license in Alberta’s real estate sector.
The Ponzi scheme caused significant losses, and RECA says it underscores the need for enhanced vigilance by both investors and regulators when evaluating investment offers from licensed professionals.
Authorities have not confirmed whether victims will recover any of their funds, and no criminal charges have been announced.
