CEO Fraudulently Raised $69.5 Million in 26 Months
Over $69.5 million was fraudulently raised from approximately 345 investors within 26 months — a San Antonio CEO pleaded guilty to operating a Ponzi scheme through 17 real estate investment packages.
According to court documents, Devin Ward Elder, 47, raised the funds from January 2023 to March 2025. He founded and managed DJE Texas Management Group LLC — an investment company established in March 2015 in San Antonio, employing dozens of staff.
17 Real Estate Investment Packages, 14 Purchased Real Assets
The company invested in multifamily apartments, flexible industrial space, land, and commercial projects, while also inviting investors to participate in an “Income Fund.” Of the 17 investment packages, 14 involved the purchase of real estate assets; each asset was held by a separate limited liability company, established solely for the purpose of owning that asset.
Prosecutors stated that Elder enticed investors with promises of high returns, low risk, and false claims that he was “co-investing” his personal funds alongside them.
Used New Investor Funds to Pay Old Investors
Authorities determined that Elder used new investor funds to pay “interest” and “principal” to earlier investors without disclosing the source of the money. Over 26 months, investors received approximately $8.8 million described as interest and principal repayments. Prosecutors asserted that the majority of these payments came from other investors' money, not legitimate profits.
Payments Halted, Investors Notified of Risk of Capital Loss
In March 2025, Elder ceased interest payments, announcing that the business was facing financial difficulties, projects were incomplete, and investors were at risk of losing most of their capital.
Faces Maximum Sentence of 20 Years in Prison
Elder was indicted on wire fraud charges on January 28 and appeared in federal court on February 17, at which time he pleaded guilty.
He faces a maximum sentence of 20 years in prison. A federal judge will determine the sentence after considering the sentencing guidelines and other legal factors. Sentencing is scheduled for the week of June 2.
The Federal Bureau of Investigation investigated the case. Assistant U.S. Attorneys William R. Harris, Steven Seward, and Ray Gattinella are prosecuting the case.
