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…
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