San Antonio Real Estate Mogul Pleads Guilty to Massive Fraud

Devin Elder faces up to 20 years in prison for defrauding hundreds of investors

Jan. 29, 2026 at 10:39am

Got story updates? Submit your updates here. ›

Devin Elder, a 47-year-old San Antonio entrepreneur, has agreed to plead guilty to one count of wire fraud for defrauding about 345 investors in his $400 million real estate empire. Federal prosecutors charged Elder with making various misrepresentations to induce his victims to invest, including promising 10% annual interest and debt-free property purchases, while actually using new investor money to pay off previous investors in a Ponzi scheme fashion.

Why it matters

This case highlights the risks of unregulated real estate investment schemes and the need for stronger oversight to protect unsuspecting investors, especially those lured by promises of high returns. It also raises questions about the lifestyle and spending habits of some real estate moguls who may be living beyond their means on investor funds.

The details

According to the charging document, Elder and his company, DJE Texas Management Group LLC, "used money from new investors to make payments to prior investors," a hallmark of a Ponzi scheme. Elder amassed a large real estate portfolio largely on money raised from investors, which allowed him to live a "comfortable lifestyle" that included owning ranches, a $1 million beach house, and even a helicopter and plane.

  • In February 2025, Elder told investors he was "taking measures to maintain (his company's) viability" due to "economic headwinds."
  • In the spring of 2026, Elder started unloading properties he controlled, including selling his family's home and listing his Port Aransas beach house for sale.

The players

Devin Elder

A 47-year-old San Antonio entrepreneur who built a $400 million real estate empire by defrauding hundreds of investors through a Ponzi scheme.

DJE Texas Management Group LLC

Elder's real estate investment company that he used to raise funds from investors and perpetrate the fraud.

Got photos? Submit your photos here. ›

What they’re saying

“I've got three kids, and I just want to jam pack my time with them full of super-cool adventures. So, dude it's Monday … I was flying around in a helicopter chasing coyotes at one of our ranches with them (his two sons), and I'm like, they're 11- and 13-year-olds, gonna be gone in five years, and I want them to be like, man, we did a lot of crazy stuff with dad.”

— Devin Elder (Action Academy podcast)

“The land bought the helicopter.”

— Devin Elder (Helicopter Podcast)

What’s next

A plea hearing for Devin Elder has not yet been scheduled, but he is expected to formally plead guilty to the wire fraud charge in the coming weeks.

The takeaway

This case serves as a cautionary tale about the risks of unregulated real estate investment schemes and the importance of thorough due diligence when considering any high-yield investment opportunities. It highlights the need for stronger oversight and investor protections in the real estate industry to prevent such large-scale fraud from occurring in the future.