SAN ANTONIO — A San Antonio CEO pleaded guilty Tuesday to participating in a multimillion-dollar fraud scheme and could face up to 20 years in prison, according to a Department of Justice press release.
U.S. Attorney for the Western District of Texas, Justin R. Simmons, said 47-year-old Devin Ward Elder, CEO of the investment firm DJE Texas Management Group, pleaded guilty to one count of wire fraud.
Court documents show Elder raised more than $69.5 million from about 345 investors between January 2023 and March 2025 through 17 real estate investment projects. DJE reportedly invested in multifamily apartments, commercial buildings, land projects, and other entities as part of an “Income Fund.” Fourteen of the 17 investments involved properties were held by a separate private company created specifically to acquire and own those properties…