A Texas businessman pleaded guilty last week to running a $69.5 million fraud scheme that targeted hundreds of investors in real estate deals, federal prosecutors said.
Devin Ward Elder, 47, of San Antonio, entered the plea to one count of wire fraud in federal court, according to U.S. Attorney Justin R. Simmons for the Western District of Texas.
Court documents show that Elder, as founder and CEO of DJE Texas Management Group LLC, raised money from approximately 345 investors across 17 projects between January 2023 and March 2025. The firm, established in March 2015, had dozens of employees and focused on multifamily apartments, industrial flexible workspace units, land developments, commercial buildings, and an “Income Fund.”
Fourteen of those investments involved purchasing properties, with each held by a limited liability company established specifically for that purpose.
Prosecutors said Elder lured investors with false claims of high returns and minimal risk, including promises that he would “co-invest” his own funds. In a Ponzi-like setup, he used money from some projects to pay purported interest to investors in others, without revealing the source.
During the scheme’s 26-month span, investors got roughly $8.8 million in what Elder called “interest” and “principal” payments, much of which came from other participants’ contributions rather than genuine profits.
In March 2025, Elder stopped payments and informed investors of business troubles, warning that projects would remain unfinished and that they would face substantial losses.
Elder was charged with wire fraud on January 28 and appeared in court on February 17, where he pleaded guilty. He faces a maximum of 20 years in prison, with sentencing set for the week of June 2. A federal judge will decide the penalty based on U.S. Sentencing Guidelines and other legal factors.
The FBI handled the investigation. Assistant U.S. Attorneys William R. Harris, Steven Seward, and Ray Gattinella are prosecuting.
