Devin Ward Elder, 47, founder and CEO of DJE Texas Management Group LLC, pleaded guilty to federal wire fraud after defrauding approximately 345 investors of $69.5 million across 17 real estate investment offerings between January 2023 and March 2025, according to federal court documents reviewed by the Objective Wire investigative team.
Elder, a San Antonio-based executive, marketed DJE Texas Management Group as a vehicle for low-risk, high-return real estate investments. Prosecutors allege he operated the company as a classic Ponzi structure from its inception: rather than deploying investor capital into legitimate real estate deals, Elder used incoming funds from new investors to pay approximately $8.8 million in fabricated interest returns to earlier backers, sustaining the appearance of a functioning business until the scheme collapsed.
DJE Texas Management Group | How 17 Offerings Became a $69.5 Million Fraud
Federal charging documents describe a systematic operation. Elder created 17 separate real estate investment offerings, each structured to attract new pools of investors. The distinct offerings gave the appearance of a diversified, active real estate portfolio. According to prosecutors, none of the promised underlying real estate investments generated returns sufficient to cover the payouts Elder made, and the gap between what was promised and what the business actually earned was funded entirely by new investor capital.
The scheme ran for more than two years before collapsing in March 2025. The 345 investors named in the federal case represent individuals who committed capital on the basis of Elder’s representations about the safety and return profile of the offerings. The $8.8 million paid out in false interest represented a fraction of the total funds raised. The remainder was lost or remains unaccounted for in the criminal proceedings.
Federal Wire Fraud | Charges and Sentencing Exposure
Elder was charged with and pleaded guilty to federal wire fraud. The charge carries a maximum sentence of 20 years in federal prison. A sentencing date had not been set as of the date of this report. Wire fraud in the context of investment schemes requires prosecutors to establish that Elder used electronic communications, including email, wire transfers, or digital platforms, in furtherance of the scheme, a standard routinely met in cases involving investor solicitations and fund transfers.
The case was prosecuted federally, placing the investigation under DOJ jurisdiction rather than Texas state courts. Federal Ponzi scheme prosecutions in Texas have increased in recent years as the Western and Southern Districts have prioritized financial fraud targeting retail investors. For additional context on Texas financial fraud enforcement, see the Greater Texas investigations hub.
DJE Texas | What Investors Should Know About Recovery
In Ponzi scheme prosecutions, investor recovery depends on the extent of remaining assets, whether the court appoints a receiver, and the priority structure established in any restitution order at sentencing. Investors who believe they are victims of the DJE Texas scheme should contact the U.S. Attorney’s Office handling the case to register as a victim and receive notifications about restitution proceedings.
For related coverage of public corruption and fraud prosecutions across Texas, see the Houston Zo Frost Jewelers gold laundering indictment and the Bexar County towing contract bribery conviction.
This investigation was reported by Alfonso C., lead investigator at Objective Wire, using federal court filings and DOJ records. Tips related to Texas investment fraud can be submitted through the Objective Wire confidential tip line.