Former Calgary Realtor Eric Drinkwater has been permanently banned from trading in real estate in Alberta after admitting to defrauding 71 people out of more than $3.5 million through a Ponzi scheme.
The Real Estate Council of Alberta (RECA) announced the lifetime ban, effective Sept. 22, following a disciplinary hearing in May where Drinkwater admitted to soliciting fraudulent bridge loans.
In its decision, the independent hearing panel described his conduct as “among the most severe” RECA has ever addressed.
Drinkwater, who was licensed with Re/Max Real Estate (Central) and RE/MAX Complete Realty during the misconduct, was also ordered to pay $9,500 in hearing costs.
Drinkwater has 30 days to appeal the decision. RECA said it will provide records to law enforcement and the courts as needed.
Civil lawsuits and criminal charges brought by the Calgary Police Service remain ongoing and are separate from RECA’s disciplinary process.
This marks the third permanent ban issued by RECA since 2022.
Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.