SAN ANTONIO — A San Antonio man pleaded guilty Tuesday to conducting a $69.5 million real estate investment fraud scheme, U.S. Attorney Justin R. Simmons announced.
Devin Ward Elder, 47, admitted in federal court to one count of wire fraud for defrauding approximately 345 investors from January 2023 to March 2025. Elder, founder and CEO of DJE Texas Management Group, LLC, solicited investments in 17 real estate projects, including multifamily apartments, industrial workspace units, land projects, and commercial buildings.
Court documents state that Elder misrepresented investment returns, promised to co-invest his own money, and used funds from new investors to pay interest to earlier investors, a practice resembling a Ponzi scheme. Investors received about $8.8 million in payments that were funded largely by other investors’ money rather than actual profits.
In March 2025, Elder stopped making interest payments and informed investors that the projects would not be completed and they would likely lose most of their funds.
Elder was charged with wire fraud on Jan. 28, pleaded guilty on Feb. 17, and is scheduled for sentencing the week of June 2. He faces up to 20 years in federal prison. The FBI investigated the case, and Assistant U.S. Attorneys William R. Harris, Steven Seward, and Ray Gattinella are prosecuting.
