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oberg Ector LLP secured a significant judgment on March 3, 2025, for their clients against Eric Drinkwater and others in connection with a major Ponzi scheme. The scheme involved falsified bridge loans for non-existent transactions at Re/Max Central, where Drinkwater was a former agent and associate broker. The documents used to support the scheme were forgeries.

    The firm's clients won judgment before Judge J.L. Mason for $2,278,114.19 in funds advanced under false pretenses, $185,124.90 in accrued interest, costs, and an award of punitive damages of $1 million. This significant award puts it among the top ranks of punitive damage awards in Canada.

    The court granted a declaration that Drinkwater acted fraudulently in the Ponzi scheme, which is a significant barrier to him trying to extinguish the debt through bankruptcy. The plaintiffs had previously obtained an attachment order and preservation order against Drinkwater's assets from Justice E.C. Romaine on November 28, 2024.

    The action continues against Pat Edward Hare, the owner of Re/Max Central, who has defended the claim. Real Estate Council of Alberta is a statutory defendant, named as the administrator of the Real Estate Assurance Fund, which protects the public from unscrupulous industry professionals. The fund may have to intervene to protect the plaintiffs if Drinkwater cannot satisfy the judgment.

    The evidence showed that Drinkwater acknowledged at least 71 "investor" victims, and possibly over 100, in a statement to the Real Estate Council of Alberta. This significant award sends a message that Ponzi schemes will not be tolerated in Alberta. Further claims are expected regarding parties who facilitated or prevented the earlier discovery of the fraudulent scheme.