San Antonio entrepreneur Devin Elder, who had ambitions of managing $1 billion worth of real estate before he became the target of an FBI investigation into whether he had ripped off his investors, appears headed to federal prison.
Elder, 47, has agreed to plead guilty to one count of wire fraud — an offense that carries up to 20 years in prison and a maximum fine of $250,000. He’ll have to repay his victims $66 million.
Federal prosecutors on Wednesday charged Elder in a criminal information with defrauding about 345 investors in his real estate empire that he valued at $400 million early last year, not long before it all began to crumble. The value of his holdings — apartment complexes, office-warehouse buildings and rural land in Texas — couldn’t be independently verified…