A significant real estate fraud case in Calgary has left numerous investors struggling to recover millions of dollars. The case centers around former Realtor Eric Drinkwater, who was charged with fraud on May 8. Authorities allege he deceived at least 16 individuals out of $1.9 million through fraudulent real estate investment schemes.

Shelley Todd, a retired education assistant, is one of the victims. Over the past three years, she has dedicated herself to recovering her life savings, which she lost in Drinkwater's scheme. "I’ve always been a fighter, and I’ve always fought for justice," Todd said. She initially hired Drinkwater to sell her home in 2022, believing he was a trustworthy agent. However, her perception changed drastically as she learned more about his actions.

Todd first met Drinkwater in 2021 while viewing a property. She described him as a family man who seemed to have his life together. After selling her home, she was impressed with his work and agreed to invest in a short-term "bridge financing" deal. This type of financing is typically used to help homeowners close gaps when buying and selling properties. However, Todd later discovered that the investment opportunities Drinkwater presented were fabricated.

In total, she invested most of her home sale proceeds across nine deals, all of which turned out to be fraudulent. "That was my retirement — my kids’ inheritance," she lamented. After realizing that Drinkwater was not making promised payments, Todd confronted him at his home in April 2024. During their meeting, Drinkwater admitted to the fraud and revealed that there were other victims.

Drinkwater, who worked in Alberta's real estate industry for nearly two decades, was first licensed in 2005. He built a solid reputation and was recommended by various clients. However, he now claims that the number of victims is much higher than reported, stating there are 71 victims with total losses nearing $3.5 million. "I need to admit what I did," he said, acknowledging the extent of his actions.

Derek Davidson, another victim, invested $80,000 in Drinkwater's schemes. He was the first to report the fraud to the police after realizing he would not see a return on his investment. Davidson felt compelled to come forward after learning that others were also affected. "To see these people not have any glimpse of justice or restitution — that motivated me to come forward," he said.

Calgary police confirmed that they are investigating the case, which has led to a multimillion-dollar civil lawsuit and the closure of one of Canada’s top-selling real estate offices. Drinkwater's real estate license was suspended in June 2024 by the Real Estate Council of Alberta (RECA), which has faced criticism for not detecting the fraud sooner. RECA stated that it received a complaint about Drinkwater in February 2024 but lacked sufficient information to initiate an investigation.

As the investigation continues, victims like Todd and Davidson are left grappling with the financial and emotional fallout of Drinkwater's actions. Todd expressed her determination to seek justice, stating, "I told him, ‘You f–ed with the wrong woman.’" The case highlights significant concerns regarding oversight in the real estate industry and the need for better protections for consumers.