Former Calgary real estate agent facing fraud charges in huge investment scam

David Bell · CBC News

· Posted: May 08, 2025 1:57 PM EDT | Last Updated: 13 minutes ago

A erstwhile Calgary existent property cause is facing charges aft allegedly defrauding investment clients retired of astir $2 million, constabulary said successful a Thursday quality release.

"In July 2024, a unfortunate contacted constabulary to study helium believed helium was scammed aft helium invested astir $80,000 implicit the span of a year," constabulary said.

They said the unfortunate had not received immoderate benignant of repayment from the existent property cause contempt the fiscal agreement.

"Initially, the [agent] projected a existent property concern woody with the volition of repaying the unfortunate his archetypal investment, positive interest. After respective attempts to pass with the [agent] astir a repayment timeline, the unfortunate was provided respective excuses and realized helium mislaid money."

$1.9M successful losses

An probe revealed astatine slightest 16 victims had been persuaded to marque short-term, precocious involvement loans that were presented arsenic concern opportunities. The strategy was carried retired implicit 4 years, ending in February past year, constabulary said.

They mislaid $1.9 million, constabulary say.

Eric Drinkwater of Calgary has been charged with 1 number of fraud implicit $5,000.

The 43-year-old is scheduled successful tribunal June 11.