Decision affirms zero tolerance for fraud in Alberta real estate
September 23, 2025: The Real Estate Council of Alberta (RECA) has permanently banned Eric Drinkwater from trading in real estate in Alberta, effective September 22, 2025. This ban is effective for the rest of Eric Drinkwater’s natural life.
This decisive outcome follows RECA’s extensive investigation and arguments before an independent Hearing Panel, which confirmed that a permanent ban was the appropriate sanction in this case.
During the hearing, Eric Drinkwater admitted to serious breaches of professional standards, including operating a Ponzi scheme involving fraudulent bridge loans. The Panel found that Eric Drinkwater contravened section 42(b) of the Real Estate Act Rules—which prohibits fraud and other forms of criminal dishonesty (such as using deceit or falsehood to deprive people of money or property). This is one of the most serious breaches a licensee can commit, and as the Panel noted in its decision, “Drinkwater’s Misconduct was “among the most severe type of misconduct” addressed by RECA.”
“Fraudulent misconduct doesn’t just break the rules, it erodes public trust and protecting consumers is RECA’s highest duty,” said Stacy Paquin, RECA’s CEO. “By presenting clear evidence and demonstrating why this misconduct deserved the strongest possible sanction, this outcome underscores our responsibility to enforce the law and maintain confidence in Alberta’s real estate profession — and we will continue to act decisively where misconduct threatens consumer protection and industry integrity.”
The Panel determined, and Eric Drinkwater admitted, that he defrauded approximately 71 people and collected more than $3.5 million through his Ponzi scheme. In addition to this permanent ban, the Panel also ordered Eric Drinkwater to pay $9,500 in hearing costs. This is the third permanent ban issued by an independent Hearing Panel since 2022.
Under RECA’s legislated procedures, Eric Drinkwater has up to 30 days to appeal the Panel’s sanction decision. As Alberta’s real estate regulator, RECA must respect the appeal period and is unable to offer further comments at this time. To read the Panel’s full written decision please click here.
During all material times, Drinkwater was licensed with RE/MAX Real Estate (Central) or RE/MAX Complete Realty.
Civil lawsuits and criminal proceedings in relation to charges laid by the Calgary Police Service are ongoing and are separate from RECA’s investigation and disciplinary processes. RECA will provide documentation and records to law enforcement and the courts if required.
Subsequent Notices of Hearing were issued in June 2025 for David Lem (broker) and Pat Hare (brokerage owner), whose conduct came to light during the Eric Drinkwater investigation. If any licensees have additional information that relates to this matter, we encourage you to bring it to RECA’s attention as quickly as possible as part of your Duty to Report. These matters are now before RECA’s regulatory enforcement process, and we are unable to comment beyond what has been published in these Notices of Hearing.
To read the timeline of events related to the Eric Drinkwater matter, please click here.
To read more information on the Consumer Protection Fund, please click here.
Media inquiries, please contact communications@reca.ca or (403) 228-2954.