San Antonio real estate CEO pleads guilty in $69.5M investor fraud case

Devin Elder faces up to 20 years in prison for wire fraud, agrees to pay $66M in restitution.

Published on Feb. 25, 2026

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Devin Ward Elder, the CEO of DJE Texas Management Group LLC, pleaded guilty to a single count of wire fraud for running a $69.5 million Ponzi scheme that defrauded 345 investors. Elder misrepresented real estate projects to investors, promising high returns with minimal risk, but instead used new investor funds to pay 'interest' and 'principal' to earlier investors.

Why it matters

This case highlights the ongoing problem of real estate investment fraud, where unscrupulous developers take advantage of unsuspecting investors. It also raises concerns about oversight and regulation in the real estate industry to protect consumers from such schemes.

The details

According to federal authorities, Elder fraudulently raised money from 345 investors who agreed to back his real estate projects, ranging from apartments and commercial buildings to land deals and an 'income fund.' He falsely claimed to have invested his own money in the projects and promised high returns with minimal risk, but was actually running a Ponzi scheme, using new investor funds to pay 'interest' and 'principal' to earlier investors. Over the 26-month life of the scheme, investors received $8.8 million in such payments before Elder stopped making payments in March 2025, telling investors they should expect to lose their money.

  • Elder was arrested by federal authorities in January 2026.
  • Elder pleaded guilty to wire fraud this week.
  • Elder's sentencing is scheduled for the week of June 2, 2026.

The players

Devin Ward Elder

The 47-year-old CEO of DJE Texas Management Group LLC, who pleaded guilty to wire fraud for running a $69.5 million Ponzi scheme that defrauded 345 investors.

DJE Texas Management Group LLC

The real estate company owned by Devin Elder that was used to perpetrate the $69.5 million Ponzi scheme.

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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 (Express-News)

“It's still unclear how much money can be recovered, some of the assets are encumbered pretty heavily. Some of the assets are free and clear, so we'll get a better return for those.”

— Steven Seward, Assistant U.S. Attorney (Express-News)

What’s next

A federal district court judge will determine Elder's punishment during his sentencing hearing scheduled for the week of June 2, 2026, after considering the U.S. Sentencing Guidelines and other statutory factors.

The takeaway

This case highlights the ongoing problem of real estate investment fraud, where unscrupulous developers take advantage of unsuspecting investors. It underscores the need for stronger oversight and regulation in the real estate industry to protect consumers from such schemes.