Re/Max Central, one of Calgary’s well-known brokerages owned by longtime Realtor Pat Hare, has been dropped by Re/Max due to allegations surrounding a multi-million-dollar Ponzi scheme involving a former employee.
The brokerage employed former Realtor Eric Drinkwater, who is facing $1.9 million in alleged fraud charges.
Drinkwater, who is Hare’s nephew, has been suspended since June 2024 and may face a lifetime ban from the regulator.
According to a company statement, Re/Max terminated its affiliation with Re/Max Real Estate (Central) in Calgary, Alberta, emphasizing a commitment to professionalism, integrity, and honesty.
RECA’s response
Drinkwater appeared before a disciplinary panel of the Real Estate Council of Alberta and admitted to falsifying bridge loans for non-existent real estate transactions during his time at Re/Max Central.
Hare, who remains actively licensed, is not confirmed to be under investigation by RECA.
What happened
The scheme is believed to have taken place between March 2020 and February 2024, involving forged documents and non-existent transactions.
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.
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