A CEO from San Antonio has admitted to his role in a $69.5 million Ponzi scheme that deceived 345 real estate investors. Devin Elder, aged 47, entered a guilty plea in federal court, acknowledging one count of wire fraud.
Between January 2023 and March 2025, Elder fraudulently raised more than $69.5 million through 17 real estate investment offerings. He was the founder and CEO of DJE Texas Management Group LLC, a San Antonio-based investment firm established in March 2015, which focused on multifamily apartment complexes, industrial workspace units, land, and commercial properties, while also offering an “Income Fund” to investors.
Out of the 17 investment offerings, 14 acquired real estate, with each property managed by a separate limited liability company created specifically for that asset. Prosecutors revealed that Elder lured investors with promises of high returns and low risks, while making significant misrepresentations, including claims that he would be co-investing his own funds.
Investigators noted that Elder diverted funds from new investors to pay earlier ones, misrepresenting these payments as interest and principal. Over the span of the scheme, investors received approximately $8.8 million in payments that were actually financed by the contributions of subsequent investors, rather than legitimate returns.
By March 2025, Elder ceased interest payments and informed investors of financial troubles within his businesses, indicating that ongoing projects would not be completed and that they should anticipate substantial losses on their investments. He was charged with wire fraud on January 28 and subsequently appeared in federal court on February 17, where he pled guilty.
Elder now faces a maximum sentence of 20 years in federal prison, with a federal district judge set to determine his punishment based on federal sentencing guidelines and other relevant factors. Sentencing is scheduled for the week of June 2.
The FBI conducted the investigation, while Assistant U.S. Attorneys William R. Harris, Steven Seward, and Ray Gattinella are handling the prosecution.
