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, Elder reached a plea agreement with federal prosecutors that will require him to repay about $66 million to investors. The terms of the deal remain sealed.
The FBI began investigating DJE in 2025, leading authorities to halt a civil case and focus on criminal charges. Prosecutors allege that Elder misled investors by promising 10 percent returns and claiming that investments would not be mixed between projects or involve debt. Charging documents state these claims were false.
Instead, according to the U.S. Attorney’s Office, Elder used an account under “DJE Equity 01, LLC” to conceal how investor money was moved and sourced. The government alleges that new investor funds were used for interest payments and distributions to earlier investors, which gave the impression of successful deals while hiding financial problems and improper use of funds.
Problems became public in April 2025 when Elder notified investors about plans to lay off staff and sell assets due to economic challenges. DJE hired a consultant to oversee its shutdown, but several investors reported losing communication with the company and expressed concerns about their investments.
In July, federal authorities filed a warrant seeking the seizure of roughly 1,000 acres linked to DJE across six counties in South Texas.
The criminal case comes as lawsuits mount from vendors and investors who claim breach of contract and fraud by DJE. One notable lawsuit involves Platte Canyon Capital from Denver, which alleges that Elder diverted rental income and misrepresented financial information during an apartment complex sale.
A court hearing has not yet been set. Neither Elder nor representatives from the U.S. Attorney’s Office responded to requests for comment.
“— Eric Weilbacher”
