San Antonio property entrepreneur Devin Elder pleads guilty

Elder faces up to 20 years in prison for operating a Ponzi scheme that defrauded about 345 investors

Published on Feb. 19, 2026

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Devin Elder, a San Antonio real estate entrepreneur, has pleaded guilty to a single count of wire fraud for operating a Ponzi scheme that defrauded about 345 investors in 17 different real estate investments. Elder faces up to 20 years in prison, a maximum three years of post-release supervision, and a fine of as much as $250,000. He has pledged to pay his victims about $66 million in restitution as part of his plea agreement.

Why it matters

This case highlights the risks of investing in real estate schemes, especially those promoted by individuals with grand ambitions but questionable business practices. It also raises concerns about the ability of regulators and law enforcement to effectively monitor and prevent such fraudulent activities, which can have devastating impacts on investors, particularly those who have entrusted their life savings.

The details

According to the plea agreement, Elder raised $69.5 million from the roughly 345 investors who participated in 17 real estate investments. He made a series of material misrepresentations to investors, including that he would 'co-invest' in the projects, giving them a 'false sense' that he had 'skin in the game' and would share the risk with them. In reality, Elder did not invest any of his own money other than $300 in one project. He also commingled investor funds and used investors' money to support unrelated projects without their authorization. Elder made interest payments to investors on one project using investor funds from other projects, a key characteristic of a Ponzi scheme.

  • Elder pleaded guilty on February 17, 2026.
  • Elder is scheduled to be sentenced on June 2, 2026.

The players

Devin Elder

A 47-year-old San Antonio real estate entrepreneur who pleaded guilty to operating a Ponzi scheme that defrauded about 345 investors in 17 different real estate investments.

Fred Biery

The U.S. District Judge who accepted Elder's guilty plea and will be sentencing him.

William Harris

The Assistant U.S. Attorney who said it 'remains to be seen' what amount of prison time his office will seek for Elder.

Steven Seward

The Assistant U.S. Attorney who told the judge that some of Elder's assets are heavily encumbered, while others are free and clear, so the government will get a better return on those.

Richard Farrer

The U.S. Magistrate Judge who set the conditions for Elder's release on a $50,000 unsecured bond pending sentencing.

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What they’re saying

“I am so sorry. What I did was wrong, and I hope that my actions since the beginning demonstrate a complete willingness to get every dollar back that we can. We have been working on that for about the last year.”

— Devin Elder (San Antonio Express News)

“Nothing I say will ever be enough. But I'm sorry from the bottom of my heart. And we've been working to recover every penny. And everybody will get everything I have and anything left in the companies.”

— Devin Elder (San Antonio Express News)

“We will recover, but we will never trust anybody again.”

— Lori Fanning, Victim (San Antonio Express News)

“It's been very hard on him emotionally.”

— Vicki Englehardt, Daughter of Victim (San Antonio Express News)

“I don't think I'm a vindictive person, but I do want (Elder) to serve time. More than that, I want investors to get their investments back.”

— Vicki Englehardt, Daughter of Victim (San Antonio Express News)

What’s next

The judge in the case will decide on June 2 how much prison time Elder will receive.

The takeaway

This case highlights the importance of thorough due diligence when investing, especially in complex real estate schemes promoted by individuals with ambitious claims. It also underscores the need for stronger regulatory oversight and enforcement to protect investors from fraudulent activities that can devastate their financial security.