Devin Elder Pleads Guilty in $66M Wire Fraud Case

The former principal of DJE Texas Management Group agreed to plead guilty to wire fraud, capping a fast-moving collapse of a once-active Texas real estate investment firm and setting up a major restitution payment for defrauded investors.

San Antonio-based syndicator Devin Elder reached a plea agreement with the U.S. government in the Western District of Texas, according to court filings. While the terms of the deal remain under seal, the documents state that Elder will be required to repay roughly $66 million to investors, the San Antonio Business Journal reported. The FBI opened a criminal investigation into DJE in 2025, prompting federal authorities to pause a parallel civil case in favor of the criminal probe.

In charging documents filed Wednesday, prosecutors allege Elder solicited investors nationwide by pitching 10 percent returns and touting conservative deal structures, including claims that properties would be acquired without debt and that investor funds would not be commingled between projects. Prosecutors say those representations were false.

Instead, Elder allegedly used a bank account under the name “DJE Equity 01, LLC” to disguise the source and movement of investor funds, according to the U.S. Attorney’s Office. The outlet reported that the government said Elder and DJE used new investor money to make so-called interest payments and other distributions to earlier investors, creating the appearance of successful projects while allegedly concealing cash shortfalls and misuse of funds — a playbook prosecutors said helped lure additional capital.

Red flags began surfacing publicly in April 2025, when Elder told investors he planned to lay off staff and sell assets in response to economic headwinds. DJE hired an outside consultant to wind down operations, but multiple investors later told the publication that communication had broken down and they feared their capital was gone.

In July, the U.S. Attorney’s Office filed a warrant to seize about 1,000 acres of land tied to DJE across six South Texas counties.

The criminal case landed on top of a growing pile of lawsuits from vendors and investors alleging breach of contract and fraud. In one high-profile dispute, a buyer of an apartment complex formerly owned by DJE — Denver-based Platte Canyon Capital — accused Elder of siphoning rents and misrepresenting the property’s financial condition.

A court hearing has not yet been scheduled. Elder and the U.S. Attorney’s Office did not respond to requests for comment.

— Eric Weilbacher