San Antonio real estate syndicator Devin Elder has agreed to plead guilty to wire fraud, following the collapse of DJE Texas Management Group, according to court filings in the Western District of Texas. The plea deal, whose terms are currently under seal, will require Elder to pay approximately $66 million in restitution to investors, as reported by the San Antonio Business Journal.
Federal authorities began investigating DJE in 2025 after allegations surfaced regarding fraudulent activity. The FBI opened a criminal investigation into the company, leading federal prosecutors to prioritize the criminal case over a related civil proceeding.
Prosecutors allege that Elder misled investors nationwide by promising 10 percent returns and presenting conservative investment structures. He claimed that properties would be acquired without debt and that investor funds would not be commingled between projects. According to charging documents, these claims were false.
The U.S. Attorney’s Office stated that Elder used an account under “DJE Equity 01, LLC” to conceal the movement of investor funds. It is alleged that new investor money was used to make interest payments and other distributions to earlier investors, which gave the appearance of profitable projects while hiding financial shortfalls and misuse of funds.
Concerns among investors became public in April 2025 when Elder announced plans to lay off staff and sell assets due to economic pressures. DJE brought in an outside consultant to wind down operations; however, several investors later reported a lack of communication and expressed concerns about their investments.
In July 2025, federal authorities filed a warrant seeking seizure of around 1,000 acres tied to DJE across six South Texas counties.
The criminal case adds to existing lawsuits from vendors and investors alleging breach of contract and fraud against Elder and DJE Texas Management Group. In one notable case, Platte Canyon Capital accused Elder of diverting rents and misrepresenting financial details during an apartment complex sale previously owned by DJE.
No date has been set for a court hearing on the matter. Both Elder and representatives from the U.S. Attorney’s Office declined requests for comment.
