San Antonio CEO pleads guilty in $69.5M real estate Ponzi scheme

Devin Elder faces up to 20 years in prison for defrauding hundreds of investors through his investment firm DJE Texas Management Group.

Published on Feb. 22, 2026

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A San Antonio real estate CEO has pleaded guilty to orchestrating a $69.5 million Ponzi scheme that defrauded 345 investors. Devin Elder, the founder and CEO of DJE Texas Management Group, admitted to using funds from new investors to make interest payments to earlier investors, falsely claiming he would "co-invest" his own money alongside theirs.

Why it matters

This case highlights the ongoing problem of real estate investment fraud, which can have devastating financial consequences for victims. It also raises questions about oversight and regulation in the real estate investment industry to protect consumers from such schemes.

The details

According to court documents, Elder fraudulently raised over $69.5 million from about 345 investors between January 2023 and March 2025 through 17 real estate investment offerings. Elder's firm, DJE Texas Management Group, invested in multifamily apartment complexes, industrial flexible workspace units, land and commercial building projects, and offered an "Income Fund." Prosecutors said Elder made a series of material misrepresentations to induce investors, including falsely claiming he would "co-invest" his own money.

  • Elder pleaded guilty on February 22, 2026.
  • Sentencing is scheduled for the week of June 2, 2026.
  • The scheme operated from January 2023 to March 2025.

The players

Devin Ward Elder

The 47-year-old founder and CEO of DJE Texas Management Group LLC, a San Antonio-based investment firm that he used to orchestrate a $69.5 million Ponzi scheme.

DJE Texas Management Group LLC

The San Antonio-based investment firm founded by Devin Elder that was used to carry out the $69.5 million Ponzi scheme.

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What they’re saying

“Elder fraudulently raised more than $69.5 million from about 345 investors between January 2023 and March 2025 through 17 real estate investment offerings.”

— U.S. Attorney's Office

What’s next

Devin Elder faces up to 20 years in federal prison when he is sentenced the week of June 2, 2026.

The takeaway

This case highlights the ongoing threat of real estate investment fraud, which can have devastating financial consequences for victims. It underscores the need for stronger oversight and regulation in the industry to protect consumers from such predatory schemes.