San Antonio, Texas, January 30, 2026
Devin Elder, a former principal of DJE Texas Management Group, has admitted guilt in a $66 million wire fraud scheme affecting 345 investors. Elder’s fraudulent activities included misrepresentations to investors, which led to significant repercussions for the San Antonio community. With sentencing pending, the case adds to a wider trend of financial fraud cases across the country.
San Antonio Real Estate Entrepreneur Pleads Guilty to $66 Million Wire Fraud Scheme
San Antonio, Texas – Devin Elder, former principal of DJE Texas Management Group, has pleaded guilty to one count of wire fraud, admitting to defrauding approximately 345 investors out of $66 million. The plea agreement, which is under seal, resolves the case without a trial and has been assigned to U.S. District Judge Fred Biery. A sentencing hearing has not yet been scheduled.
Details of the Fraudulent Activities
Federal prosecutors charged Elder with defrauding about 345 investors in his real estate empire, which he valued at $400 million early last year. The value of his holdings—apartment complexes, office-warehouse buildings, and rural land in Texas—couldn’t be independently verified. According to court documents, Elder made various misrepresentations to induce his victims to invest, including promises of 10% annual interest, assurances that properties would be purchased without debt, and claims that he would invest his own money. Elder and his company, DJE Texas Management Group LLC, used investors’ money to make purported ‘interest’ payments and other payouts to other investors, making the projects appear successful and concealing the misuse of funds—a hallmark of a Ponzi scheme.
Background and Legal Proceedings
The federal investigation into Elder’s operation began last year and featured civil forfeiture filings and notices in county property records tied to companies he controlled. Prosecutors moved to preserve the government’s interest in dozens of parcels while DJE wound down its business. This included a small outfit called Ark 40 Consulting that surfaced online while forfeiture and seizure actions were being publicized. Wire fraud is a federal crime that carries serious potential punishment. Under the statute, schemes to obtain money or property through false or fraudulent pretenses can bring up to 20 years in prison. Once Elder’s plea is formally entered, his sentence, restitution obligations, and any fines will be set under federal sentencing rules.
Impact on the San Antonio Community
The collapse of Elder’s real estate ventures has had significant repercussions in San Antonio. Investors and contractors have filed lawsuits, and limited liability companies tied to Elder have sold or attempted to sell assets as claims and liens piled up. Downtown, projects linked to his business, including the historic Travis Building and a restaurant that closed last year, have drawn particular scrutiny from locals watching to see what survives the clean-up.
Related Cases of Financial Fraud
Devin Elder’s case is part of a broader pattern of financial fraud cases in the United States. In November 2025, an Alaska man was sentenced to ten years in prison after pleading guilty to defrauding investors out of millions through a Ponzi scheme. Similarly, in October 2023, a former Chief Learning and Talent Officer for Tulsa Public Schools pleaded guilty to conspiracy to commit wire fraud, causing a loss of at least $603,992.32 to the school district and a public charity.
Frequently Asked Questions (FAQ)
What was Devin Elder’s role in the fraudulent activities?
Devin Elder was the former principal of DJE Texas Management Group and pleaded guilty to one count of wire fraud, admitting to defrauding approximately 345 investors out of $66 million.
What were the fraudulent activities conducted by Devin Elder?
Elder made various misrepresentations to induce his victims to invest, including promises of 10% annual interest, assurances that properties would be purchased without debt, and claims that he would invest his own money. He used investors’ money to make purported ‘interest’ payments and other payouts to other investors, concealing the misuse of funds—a hallmark of a Ponzi scheme.
What are the potential legal consequences for Devin Elder?
Wire fraud is a federal crime that carries serious potential punishment. Under the statute, schemes to obtain money or property through false or fraudulent pretenses can bring up to 20 years in prison. Once Elder’s plea is formally entered, his sentence, restitution obligations, and any fines will be set under federal sentencing rules.
How has the San Antonio community been affected by this case?
The collapse of Elder’s real estate ventures has had significant repercussions in San Antonio. Investors and contractors have filed lawsuits, and limited liability companies tied to Elder have sold or attempted to sell assets as claims and liens piled up. Downtown, projects linked to his business, including the historic Travis Building and a restaurant that closed last year, have drawn particular scrutiny from locals watching to see what survives the clean-up.
Are there other similar cases of financial fraud in the United States?
Yes, Devin Elder’s case is part of a broader pattern of financial fraud cases in the United States. In November 2025, an Alaska man was sentenced to ten years in prison after pleading guilty to defrauding investors out of millions through a Ponzi scheme. Similarly, in October 2023, a former Chief Learning and Talent Officer for Tulsa Public Schools pleaded guilty to conspiracy to commit wire fraud, causing a loss of at least $603,992.32 to the school district and a public charity.
Key Features of the Case
| Feature | Details |
|---|---|
| Defendant | Devin Elder, former principal of DJE Texas Management Group |
| Charge | One count of wire fraud |
| Number of Victims | Approximately 345 investors |
| Amount Defrauded | $66 million |
| Potential Sentence | Up to 20 years in prison |
| Impact on San Antonio | Investors and contractors filed lawsuits; assets tied to Elder sold or attempted to sell; scrutiny of local projects linked to his business |
| Related Cases | Alaska man sentenced to ten years for Ponzi scheme; former Chief Learning and Talent Officer for Tulsa Public Schools pleaded guilty to conspiracy to commit wire fraud |
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