San Antonio real estate CEO Devin Ward Elder pleads guilty in $69.5 million investor fraud scheme
Plea entered in federal court; sentencing set for June 2026
A San Antonio real estate executive has pleaded guilty in federal court to wire fraud tied to an investment scheme that prosecutors say raised more than $69.5 million from hundreds of people and used incoming funds to make payments to earlier investors.
Devin Ward Elder, 47, admitted to one count of wire fraud after authorities alleged he fraudulently raised money from approximately 345 investor victims participating in 17 real estate-related investments between January 2023 and March 2025. Elder founded and led DJE Texas Management Group, LLC, a San Antonio-based investment firm established in 2015 that employed dozens of people and marketed projects involving multifamily apartments, industrial flexible workspace units, land and commercial developments, along with a pooled “Income Fund.”
How the investments were structured
Federal filings describe a structure in which separate limited liability companies were created for individual projects. Fourteen of the 17 offerings acquired real property, and each property was held by its own LLC formed to purchase and own the asset. The investments were promoted as providing high returns with low risk.
Allegations of misrepresentations and Ponzi-style payments
Investigators alleged Elder used material misrepresentations to induce investors, including promises that he would contribute his own money alongside them. Prosecutors also said Elder made interest payments to investors in certain projects using funds obtained from investors in other projects, without disclosing the source of the money.
Over roughly 26 months, investors received about $8.8 million in payments described as “interest” and “principal.” Authorities allege many of those payments were not generated by legitimate investment returns, but instead came from other investors’ contributions—an approach commonly associated with Ponzi schemes.
In March 2025, prosecutors said, interest payments stopped and investors were told the businesses faced financial difficulties and that projects would not be completed.
Financial exposure, restitution and next steps
Elder’s guilty plea exposes him to a statutory maximum of 20 years in federal prison. A federal judge will determine the final sentence after weighing advisory sentencing guidelines and other factors. The court has scheduled sentencing for the week of June 2, 2026.
The case remains a key test of how quickly and effectively investors can be repaid in large-scale real estate fraud matters, where recovery often depends on the condition of underlying properties, existing debt and the costs of liquidation. Authorities have indicated that asset recovery and victim restitution will be addressed through the sentencing process and related proceedings.
- Defendant: Devin Ward Elder, 47
- Charge: One count of wire fraud
- Alleged scheme period: January 2023 to March 2025
- Alleged amount raised: More than $69.5 million
- Estimated victims: Approximately 345 investors
- Sentencing: Week of June 2, 2026