The Brief
- San Antonio CEO Devin Elder pleaded guilty to orchestrating a $69.5 million Ponzi scheme that defrauded 345 real estate investors.
- Elder used $8.8 million from new investors to pay earlier ones while falsely claiming he was co-investing his own personal funds.
- Sentencing is scheduled for June, where Elder faces a maximum of 20 years in federal prison for wire fraud.
SAN ANTONIO, Texas – A San Antonio man has pleaded guilty to carrying out a $69.5 million real estate investment fraud scheme that federal prosecutors described as operating in classic Ponzi fashion.
Details of the $69.5M Ponzi scheme
What we know:
47-year-old Devin Ward Elder pleaded guilty Tuesday in federal court to one count of wire fraud.
According to court documents, Elder fraudulently raised more than $69.5 million from about 345 investors between January 2023 and March 2025 through 17 real estate investment offerings.
Elder was the founder and CEO of DJE Texas Management Group LLC, a San Antonio-based investment firm formed in March 2015 that employed dozens of people. The company invested in multifamily apartment complexes, industrial flexible workspace units, land and commercial building projects, and offered investors an “Income Fund.” …