SAN ANTONIO – A San Antonio man pleaded guilty Tuesday in federal court to running a $69.5 million fraud scheme involving real estate investments, according to a press release from the U.S. Attorney’s Office Western District of Texas.
Devin Ward Elder, 47, allegedly raised money from approximately 345 people between Jan. 2023 and March 2025. He would promise high returns with low risk on real estate projects through his company, DJE Texas Management Group, the release states.
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Elder told investors he would “co-invest” his own money into the projects, the release states. He also allegedly used money from new investors to pay returns to earlier ones.
During the scheme, the release states that Elder paid out about $8.8 million in “interest” and “principal” payments, which consisted of other investors’ money rather than profits from real investments.
In March 2025, the release states that Elder stopped interest payments and told investors his businesses were having financial difficulties and they would expect to lose “a large portion of their investments.”
Elder was charged with one count of wire fraud on Jan. 28 and pleaded guilty when summoned to appear in court on Tuesday, Feb. 17.
The release states that Elder is scheduled to be sentenced in June and faces up to 20 years in prison.
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