Elder is scheduled to be sentenced in early June.
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.
According to the DOJ, Elder convinced investors to put money into his projects by promising high returns with low risk and saying he would “co-invest” his own funds. He also made interest payments to investors in one project using funds from other projects, without disclosing the source – a popular tactic in Ponzi schemes. Over 26 months, investors received roughly $8.8 million in payments that Elder claimed were “interest” and “principal” payments, but many of those payments came from other investors’ money rather than actual profits.
Documents indicate Elder eventually stopped making interest payments in March 2025, and informed investors that his businesses were experiencing financial difficulties, warning that the projects would not be completed and that they should expect significant losses.
Elder is scheduled to be sentenced in early June. A federal judge will determine his prison term, which could be as long as 20 years.