Devin Ward Elder is a San Antonio, Texas real estate investor and the founder and CEO of DJE Texas Management Group, LLC (DJE Texas). He is also the founder of Ark40 Consulting. On February 17, 2026, Elder pleaded guilty to one count of federal wire fraud (18 U.S.C. § 1343) in the United States District Court for the Western District of Texas, San Antonio Division (Case 5:26-cr-00038-FB).

What did Devin Elder do?

Devin Ward Elder operated a Ponzi-like wire fraud scheme through DJE Texas Management Group between January 2023 and March 2025. He raised approximately $66 million from 345 investors across 17 real estate investment offerings by making false representations — including that investor capital was never lost, that no capital calls had ever been made, and that all return projections had been met or exceeded. In reality, Elder diverted investor funds to personal expenses including a 500-acre exotic animal ranch (Eventide Ranch), a Robinson R44 helicopter, a SOCATA TBM 700 private jet, and a Gulf Coast beach house.

What is DJE Texas Management Group?

DJE Texas Management Group, LLC (also known as DJE Texas or DJE) was a San Antonio-based real estate investment company founded and operated by Devin Ward Elder. Between 2023 and 2025, it raised $66 million from 345 investors through 17 investment offerings — including Real Properties 1 through 14, the DJE Income Fund, Travis 2026 LLC, and Bluemel Business Park LLC. The company collapsed in early 2025 when Elder could no longer sustain the scheme. A federal receiver was appointed to liquidate assets.

How many victims did Devin Elder defraud?

Devin Ward Elder defrauded approximately 345 investors of over $66 million. The victims included senior citizens and retirees who were recruited at investment seminars, including events held at Fleming's Prime Steakhouse in Plano, Texas. Many victims invested their retirement savings based on Elder's false representations about the safety and performance of DJE Texas investments.

When is Devin Elder's sentencing?

Devin Ward Elder is scheduled to be sentenced on September 9, 2026 at 9:00 AM in the United States District Court for the Western District of Texas before Judge Fred Biery. The federal wire fraud charge carries a maximum sentence of 20 years in federal prison. Elder also faces a money judgment of $66 million representing the outstanding principal owed to defrauded investors.

What is Ark40 Consulting and is it connected to Devin Elder's fraud?

Ark40 Consulting (also written Ark 40 Consulting) is a technology advisory firm for nonprofits and small businesses founded by Devin Ward Elder after the collapse of DJE Texas Management Group. The firm was active and promoting Elder's services online during the period between his guilty plea (February 17, 2026) and his scheduled sentencing (September 9, 2026). The Ark40 Consulting website describes Elder's fraud as 'expensive mistakes' and 'building and losing a real estate company' without disclosing the federal criminal conviction, the 345 defrauded investors, or the $66 million restitution obligation.

What assets did Devin Elder buy with investor money?

According to the federal plea agreement, Devin Ward Elder used investor funds for personal enrichment including: Eventide Ranch, a 500-acre exotic animal ranch in South Texas; a Robinson R44 helicopter (tail number N244WB) with a custom camo shark-mouth vinyl wrap, operated through GET TO THE CHOPPA LLC; a SOCATA TBM 700 private jet (tail number N776RM); a beach house at 717 Sunrise Ave, Port Aransas, Texas; and a personal residence in San Antonio. Elder also hosted lavish events and appeared on real estate investment podcasts while the fraud was ongoing.

Devin Elder Federal Case | USA v. Elder | Case 5:26-cr-00038-FB

United States v. Devin Ward Elder | Case No. 5:26-cr-00038-FB | U.S. District Court, Western District of Texas, San Antonio Division | Judge Fred Biery

Plea Agreement Summary

On February 17, 2026, Devin Ward Elder pleaded guilty to one count of federal wire fraud (18 U.S.C. § 1343). The plea agreement establishes that Elder defrauded 345 investors of $66 million through DJE Texas Management Group between January 2023 and March 2025.

Key Terms

Charge: Wire Fraud, 18 U.S.C. § 1343
Maximum Sentence: 20 years federal prison
Money Judgment: $66,000,000
Forfeiture: 13 real properties across multiple Texas counties
Sentencing: September 9, 2026 at 9:00 AM CT
Judge: Fred Biery

Forfeited Properties

Leeds Building (345 W. Commerce St., San Antonio)
Travis Building (405 N. St. Mary's St., San Antonio)
Eventide Ranch (500 acres, South Texas)
825 Eventide Dr., Terrell Hills (single-family)
717 Sunrise Ave., Port Aransas (beach house)
Multiple Atascosa and Bee County land tracts

Asset Recovery Timeline (2026)

Feb 20, 2026: First Atascosa tract sold (proceeds to Capital Farm Credit lien)
Mar 9, 2026: Leeds Building sold to GXM Investments LLC for $1.4M
May 5, 2026: Brooks Business Park (9326 SE Loop 410) foreclosed by Security State Bank via substitute trustee sale. Bank purchased at auction for $5,157,000. Elder obtained $4,945,394 loan Jun 7, 2024 and kept proceeds. Zero return of investor capital. (Bexar County Doc# 20260084750)
May 19, 2026: 825 Eventide Dr., Terrell Hills TX 78209 - Sale confirmed (Doc. 45). Buyer: Lionel & Magda Branscomb. Price: $754,000. Sold free and clear.
Jun 1, 2026: 717 Sunrise Ave., Port Aransas TX 78373 - Sale confirmed (Doc. 51). Buyer: SCB SA, LLC. Price: $850,000. Gayle Cagianut lien satisfied.
May 28, 2026: Last Atascosa County acreage (94.98 acres) sold for $569,880
Jun 3, 2026: Judge Biery signs Bakkt cryptocurrency garnishment order (Doc. 54)
Jun 11, 2026: Travis Building (405 N. St. Mary's St., 63-unit apartments) sold to owner of Horseshoe Bay Resort. Buyer took $10.8M loan from UC Funds. Elder bought building in 2020 with Harris Bay, converted from office to apartments (finished 2023), then acquired Harris Bay's stake. Defaulted on $18.25M UC Funds loan; UC Funds bid $16.7M at foreclosure. Appraised: ~$12.9M.
Jun 11, 2026: Medina Base Rd parcel (4.09 acres, Medina Business Park Venture LLC) - Motion to Confirm Sale filed (Doc. 57). Buyer: Adryca Construction LLC. Contract price: $800,000. Net to victims: ~$660,000.
Jun 11, 2026: 4335 Culebra, San Antonio TX 78228 - Motion to Confirm Sale filed (Doc. 58). Buyer: Brier Village Investment LLC. Contract price: $650,000. Net to victims: ~$580,000.
Jun 15, 2026: 210 Fantasia, Bexar County (3br/2ba SFR, Alamo 678 Holdings LLC) - Motion to Confirm Sale filed (Doc. 59). Buyer: Big Contracting and Construction LLC. Contract price: $235,000. Net to victims: ~$38,000 (Shellpoint Mortgage lien).
Jun 26, 2026: 630 Rocklyn Dr., Windcrest TX 78239 - Sale confirmed by court order (Doc. 64). Buyer: Big Contracting and Construction LLC. Confirmed price: $305,000. Jefferson Bank lien to be satisfied.
Jul 7, 2026: The Preston Apartments (3200 Thousand Oaks Dr., San Antonio) — Lender files lawsuit alleging default on $7.3M mortgage after missing monthly payments. Complex described as abandoned. Owned by 3200 Thousand Oaks LLC (Elder-affiliated, involuntarily terminated Sep 2025). City ordered evacuation of 36 upper-floor units in April 2026 after stairs collapsed. Not part of federal receivership. Source: San Antonio Express-News.

Federal Receiver

Dan Kubinski of Crowned Eagle Realty LLC was appointed as federal receiver to liquidate approximately 21 DJE Texas properties totaling more than 1,000 acres.

Frequently Asked Questions

Did Devin Elder plead guilty?: Yes. Devin Ward Elder pleaded guilty on February 17, 2026 to one count of federal wire fraud (18 U.S.C. § 1343) in the Western District of Texas, San Antonio Division.
When is Devin Elder's sentencing?: September 9, 2026 at 9:00 AM before U.S. District Judge Fred Biery at 262 W. Nueva St., San Antonio, TX 78207. Maximum sentence: 20 years federal prison.
How much did DJE Texas investors lose?: Approximately $66 million in outstanding principal owed to 345 investors. As of June 2026, the federal receiver has completed multiple asset sales but total recovery remains a small fraction of the $66M owed.

All information sourced from public federal court records (Case 5:26-cr-00038-FB) and published news reporting.

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The DJE Texas Fraud Scheme | How Devin Elder Defrauded 345 Investors of $66 Million

A six-step breakdown of how Devin Ward Elder operated a $66 million Ponzi-like wire fraud through DJE Texas Management Group between January 2023 and March 2025, based on the federal plea agreement (Case 5:26-cr-00038-FB, W.D. Texas).

Step 1: Solicit Investors with False Promises

Elder marketed 17 investment offerings through DJE Texas Management Group, promising investors their funds would be used solely for specific real estate projects. He claimed investments were debt-free, promised 10% annual interest paid monthly, and represented that he would personally co-invest in each deal. Per the plea agreement: "Elder did not have the money to invest in these projects as he represented. In fact, Elder did not contribute any of his own money into any of the projects, other than $300.00 in Real Property 1."

Step 2: Commingle Funds Through a Hidden Entity

Rather than keeping each project's funds separate as promised, Elder routed investor money through a hidden entity — DJE Equity 01, LLC — which he used as a central pool to move capital between projects without investor knowledge. Investors believed their money was dedicated to a specific property. In reality it was pooled with all other investor funds.

Step 3: Use New Investor Capital to Cover Shortfalls (Ponzi Payments)

As projects failed to generate promised returns, Elder used capital from new investors to make payments to existing investors — a classic Ponzi structure. Approximately $8.8 million in purported "interest" and "principal" payments were funded this way. Payments to investors were not returns on investment; they were other investors' principal being recycled.

Step 4: Encumber Properties with Undisclosed Bank Debt

Despite representing investments as debt-free, Elder secretly took out bank loans against investor-owned properties. Example: 16 investors contributed $1.2M to the Leeds Building (345 Commerce Venture) in September 2023. Elder falsely told investors DJE would co-invest $1.64 million and that investors would hold a "first-lien position." DJE never invested $1,640,000. On March 20, 2024, Elder secretly took a $1,828,313 loan from First Citizens Bank — giving the bank the first-lien position, not the investors. Elder withdrew $990,000 of the loan proceeds and used them to fund three other unrelated projects.

Step 5: Divert Funds for Personal Enrichment

Elder used investor funds for personal enrichment including: Eventide Ranch (500-acre exotic animal ranch, South Texas); a Robinson R44 helicopter with a custom camo shark-mouth wrap (registered to "Get to the Choppa LLC"); a SOCATA TBM 700 private jet (N776RM); a beach house at 717 Sunrise Ave., Port Aransas; and a personal residence at 825 Eventide Dr., Terrell Hills, San Antonio.

Step 6: Collapse and Federal Receivership

By March 2025, the scheme collapsed. Elder told investors to expect to lose a large portion of their investments. A federal receiver (Dan Kubinski, Crowned Eagle Realty LLC) was appointed to liquidate approximately 21 properties totaling 1,000+ acres. Elder pleaded guilty to federal wire fraud on February 17, 2026. As of the guilty plea, approximately $66,000,000 in outstanding principal remained owed to 345 investors.

False Representations Made to Investors

Funds would be used solely for the specific project being promoted
Elder would personally "co-invest" his own money in each project
No bank loans would encumber the real estate ("cash deals")
10% annualized interest paid monthly with low risk
18-month maximum hold period for return of principal
Income Fund maintained 20% cash reserves; 80% invested in land, multifamily, industrial, single-family, and performing notes
Income Fund multifamily investments "provide a strong income stream" (they provided none)
Land purchases include an interest reserve escrow to ensure consistent distributions (the escrow was used for land deal investor payments, not the Income Fund)
DJE Texas had never lost investor capital
DJE Texas had never performed a capital call
DJE Texas had met or exceeded return projections on all full cycle projects

Was DJE Texas a Ponzi Scheme?

Yes. Elder's plea agreement establishes that he paid approximately $8.8 million in purported interest and principal payments to investors using funds from other investors, the defining characteristic of a Ponzi scheme. No DJE Texas project generated the returns promised to investors.

Frequently Asked Questions

How did Devin Elder's fraud work?: Elder solicited $66 million from 345 investors through 17 DJE Texas offerings, promising dedicated project funds and debt-free investments. He commingled all funds through a hidden entity (DJE Equity 01, LLC), used new investor capital to pay existing investors (Ponzi structure), secretly encumbered properties with undisclosed bank loans, and diverted funds for personal enrichment including a helicopter, private jet, and exotic animal ranch.
Was DJE Texas a Ponzi scheme?: Yes. Elder's plea agreement establishes that he paid approximately $8.8 million in purported "interest" and "principal" payments to investors using funds from other investors. No DJE Texas project generated the returns promised.
What was DJE Equity 01, LLC?: DJE Equity 01, LLC was a hidden entity Elder used to commingle investor funds across all 17 DJE Texas projects. Investors were not told their funds would be pooled through this entity.
How many investors did DJE Texas defraud?: 345 investors were defrauded across 17 DJE Texas investment offerings between January 2023 and March 2025. Approximately $66 million in outstanding principal remained owed. No restitution has been paid.

All information sourced from the federal plea agreement (Case 5:26-cr-00038-FB, W.D. Texas).

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DJE Income Fund I | Devin Elder Fraud | $4.7M from 38 Investors

DJE Income Fund I, LLC was a fraudulent investment fund operated by Devin Ward Elder through DJE Texas Management Group. It promised 10% annualized returns paid monthly to accredited investors with a minimum $50,000 investment. Elder pleaded guilty to federal wire fraud on February 17, 2026.

Fund Overview

Entity: DJE Income Fund I, LLC (Delaware LLC)
Manager: DJE IF I MGR, LLC (Devin Elder, Key Person)
Launch: September 2024 at Fleming's Prime Steakhouse, Plano, Texas
Amount Raised: $4.7 million from 38 investors
Promised Return: 10% annualized, paid monthly
Minimum Investment: $50,000 (50 units at $1,000 per unit)
Offering Type: Regulation D 506(c) (accredited investors only)
Lockup Period: 12 months per capital contribution
Withdrawal Notice: 90–270 days (depending on amount)
Actual Return: $0 (fund collapsed within months)
Restitution Paid: $0

How the DJE Income Fund Fraud Worked

Fraud #1: Land Notes Pledged as Bank Collateral: The PPM stated the fund held mortgages on $8M+ of Texas land notes at 8–10%. In reality, those notes were pledged as collateral for a $5 million line of credit from Texas Partners Bank at 7.25%, making the promised 10% returns mathematically impossible. Investors were never told their collateral had been re-pledged to a bank.
Fraud #2: Secret Rollover from Failing Projects: Elder secretly rolled over $12.5 million from other failing DJE projects into the Income Fund without investor knowledge. Investors believed their capital was being deployed into new income-producing opportunities.
Fraud #3: Ponzi Payments: Elder paid approximately $8.8 million in purported "interest" and "principal" payments to investors using funds from other investors. No project generated the returns promised. In March 2025, Elder told investors to expect to lose a large portion of their investments.
Fraud #4: False Performance Claims: The PPM stated DJE had "purchased and exited hundreds of millions of dollars of real estate in Central Texas since 2012" and had "never lost investor capital." Both claims were false.
Fraud #5: False Multifamily Income Stream Claim: Elder's marketing materials falsely stated that multifamily investments "provides a strong income stream to investors in the Income Fund." Per the plea agreement, the multifamily properties did not provide any income stream to the DJE Income Fund.
Fraud #6: False Escrow Reserve Claim: Marketing materials falsely stated that "Land purchases include an interest reserve escrow at closing to ensure consistent distributions." The alleged escrow account was actually used for interest payments to investors in the land deals, not the Income Fund.
Fraud #7: Rollover Paper Transactions: Elder offered investors an extra percentage to roll over their investment from other projects into the Income Fund. This was just a paper transaction; funds did not actually move into the Income Fund's bank account. Elder raised over $7.5 million in cash and rolled over $12.5 million from other projects.

Frequently Asked Questions

What is DJE Income Fund I, LLC?: A fraudulent investment fund operated by Devin Ward Elder through DJE Texas Management Group. It promised 10% annualized returns but paid returns with other investors' capital. Elder pleaded guilty to federal wire fraud on February 17, 2026.
Did DJE Income Fund investors get their money back?: No. As of the guilty plea date, $0 has been returned to DJE Income Fund investors. The $66 million money judgment covers all DJE Texas offerings including the Income Fund.
How did the DJE Income Fund fraud work?: Elder pledged investor-owned land notes as collateral for a $5 million bank line of credit without investor knowledge, secretly rolled $12.5 million from failing DJE projects into the fund, and paid approximately $8.8 million in purported returns using other investors' capital.
How do I submit a victim impact statement as a DJE Income Fund investor?: Visit devinelderfraud.com/victim-impact for instructions on submitting a victim impact statement before the September 9, 2026 sentencing.

All information sourced from the federal plea agreement and the DJE Income Fund I Private Placement Memorandum.

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Submit a Victim Impact Statement | USA v. Devin Ward Elder | Case 5:26-CR-00038-FB

If you are one of the 345 investors defrauded by Devin Ward Elder through DJE Texas Management Group, you have the right to submit a Victim Impact Statement before sentencing on September 9, 2026. Statements directly influence the sentence under the Crime Victims' Rights Act (18 U.S.C. § 3771).

Why Victim Impact Statements Matter

Directly Influences the Sentence: Federal judges must consider victim impact statements before sentencing. A single powerful statement can shift the judge's understanding of the harm caused. 345 statements create an undeniable record.
Strengthens Your Restitution Claim: Clearly documented financial losses strengthen your position in the restitution calculation. Vague claims receive less weight than specific, documented ones.
Your Voice on the Public Record: Victim impact statements become part of the permanent federal court record. They are reviewed by the probation officer preparing the Pre-Sentence Investigation Report, which the judge relies on heavily.

What to Include in Your Statement

Financial Harm: Exact amount invested, when you invested, what you have recovered (if anything). Include lost returns, fees, downstream consequences (retirement funds depleted, loans taken, property sold).
Mental & Physical Health Impact: Anxiety, depression, sleep disruption, stress-related health conditions. Include cost of any medical or mental health treatment sought.
Family & Relationship Impact: How the loss affected your spouse, children, dependents. Changes to retirement plans, education plans, standard of living.
Loss of Trust & Security: How the fraud affected your sense of financial security and ability to trust advisors.
How You Were Solicited: Personal relationship, church community, professional network, social media advertisement.
Ongoing Fear or Distress: Concerns about financial future, ability to retire, family security.

How to Submit

Victim Witness Coordinator: Alicia Lucky
Email: USATXW.VictimAssistance@usdoj.gov
Subject line: Victim Impact Statement, USA v. Elder, Case 5:26-cr-00038-FB
Mail: U.S. Attorney's Office, Western District of Texas, 601 NW Loop 410, Suite 600, San Antonio, TX 78216
Deadline: Before September 9, 2026 sentencing

Key Dates

Guilty Plea: February 17, 2026
Sentencing: September 9, 2026 at 9:00 AM CT
Location: U.S. Courthouse, 262 W. Nueva St., San Antonio, TX 78207
Judge: Fred Biery
Maximum Sentence: 20 years federal prison

Available Resources

Information About Victim Impact Statements (includes sample questions to guide your statement)
Restitution Brochure (explains how restitution is calculated)
Explanation of Loss (documents how to calculate and present your financial losses)

This page is a public-interest resource for victims of the DJE Texas Management Group fraud.

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Ark40 Consulting | Founded by Convicted Fraudster Devin Ward Elder

Ark40 Consulting (also written Ark 40 Consulting) is a technology advisory firm for nonprofits and small businesses founded by Devin Ward Elder after the collapse of DJE Texas Management Group and his guilty plea to federal wire fraud on February 17, 2026.

Key Facts

Founder: Devin Ward Elder (convicted federal wire fraud, Feb 17, 2026)
Website: ark40consulting.com
Location: San Antonio, Texas
Services: Technology advisory for nonprofits and small businesses
Active Period: Between guilty plea (Feb 17, 2026) and sentencing (Sep 9, 2026)

What Ark40 Consulting Says vs. What It Omits

The $66 Million Fraud: Says: "Building and losing a real estate company" and "expensive mistakes." Omits: Elder pleaded guilty to federal wire fraud on February 17, 2026. 345 investors lost $66 million in principal. None has been repaid.
Criminal Conviction: Says: Nothing. The Ark40 website contains no mention of a criminal conviction, guilty plea, or federal case. Omits: Elder is a convicted federal felon awaiting sentencing. Case 5:26-cr-00038-FB, W.D. Texas. Sentencing: September 9, 2026 at 9:00 AM.
Restitution Obligation: Says: Nothing about outstanding financial obligations to former investors. Omits: Elder owes a $66,000,000 money judgment to the United States and faces restitution to 345 individual victims at sentencing.
DJE Texas Collapse: Says: "I made some expensive mistakes" and references "losing a real estate company." Omits: DJE Texas Management Group was placed into federal receivership. A court-appointed receiver is liquidating 21+ properties totaling 1,000+ acres.

Frequently Asked Questions

Who founded Ark40 Consulting?: Ark40 Consulting was founded by Devin Ward Elder, who pleaded guilty to federal wire fraud (18 U.S.C. § 1343) on February 17, 2026 in the Western District of Texas. Elder defrauded 345 investors of approximately $66 million through DJE Texas Management Group.
Is Ark40 Consulting the same as DJE Texas?: Ark40 Consulting is a new business founded by Devin Ward Elder after the collapse of DJE Texas Management Group and his federal wire fraud guilty plea. It is a separate legal entity but is operated by the same individual.
Is Ark40 Consulting legitimate?: Ark40 Consulting's founder, Devin Ward Elder, is a convicted federal felon awaiting sentencing for $66 million wire fraud. The firm's website describes the fraud as "expensive mistakes" without disclosing the federal criminal conviction, 345 defrauded investors, or $66 million restitution obligation.
What happened to DJE Texas Management Group?: DJE Texas Management Group was placed into federal receivership after Devin Elder's guilty plea. A court-appointed receiver (Dan Kubinski, Crowned Eagle Realty LLC) is liquidating approximately 21 properties totaling more than 1,000 acres. 345 investors are owed approximately $66 million in outstanding principal.
When is Devin Elder (Ark40 Consulting founder) being sentenced?: September 9, 2026 at 9:00 AM before U.S. District Judge Fred Biery at the U.S. Courthouse, 262 W. Nueva St., San Antonio, TX 78207. Maximum sentence: 20 years federal prison.

All information sourced from public federal court records and the ark40consulting.com website (captured April 2026).

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Devin Elder Sentencing | September 9, 2026 | Federal Wire Fraud

Devin Ward Elder is scheduled to be sentenced on September 9, 2026 at 9:00 AM CT for federal wire fraud (18 U.S.C. § 1343) in the United States District Court for the Western District of Texas, San Antonio Division.

Sentencing Details

Date: September 9, 2026
Time: 9:00 AM Central Time
Location: U.S. Courthouse, 262 W. Nueva St., San Antonio, TX 78207
Judge: Fred Biery
Case: 5:26-cr-00038-FB
Maximum Sentence: 20 years federal prison
Money Judgment: $66,000,000

Case at a Glance

Defendant: Devin Ward Elder, age 47
Charge: Wire Fraud (18 U.S.C. § 1343)
Guilty Plea: February 17, 2026
Victims: 345 investors
Total Fraud: $66 million
Scheme Duration: January 2023 to March 2025

Federal Sentencing Guidelines Calculation

Base offense level: Wire fraud base Level 7
Loss amount ($66M+): +22 levels (exceeds $65M loss threshold)
Number of victims (345+): +4 levels (exceeds 250 victims)
Sophisticated means: +2 levels (PPM structure, multiple LLCs)
Vulnerable victims: +2 levels (senior citizens and retirees)
Acceptance of responsibility: -3 levels (guilty plea)
Estimated total offense level: ~34, yielding 151–188 months (12.5–15.7 years)

What Happens at Sentencing

Judge Biery will consider the federal sentencing guidelines, the pre-sentence investigation report, victim impact statements, and arguments from both the prosecution and defense before imposing a sentence. The public may attend federal sentencing hearings.

Frequently Asked Questions

When is Devin Elder's sentencing?: September 9, 2026 at 9:00 AM before U.S. District Judge Fred Biery at the U.S. Courthouse, 262 W. Nueva St., San Antonio, TX 78207. Case number 5:26-cr-00038-FB.
How many years in prison could Devin Elder receive?: The maximum statutory sentence for federal wire fraud (18 U.S.C. § 1343) is 20 years per count. Elder pleaded guilty to one count. The estimated Federal Sentencing Guidelines range is 151–188 months (approximately 12.5–15.7 years) based on the $66 million fraud amount, 345 victims, sophisticated means, and vulnerable victim enhancements.
Did Devin Elder plead guilty?: Yes. Devin Ward Elder pleaded guilty on February 17, 2026 to one count of federal wire fraud in the Western District of Texas. He admitted to raising $66 million from approximately 345 investors through false representations.
How much restitution will DJE Texas investors receive?: Elder agreed to a $66,000,000 money judgment as part of his plea agreement. The actual restitution amount and payment schedule will be determined at sentencing. As of June 2026, multiple properties have been sold and cryptocurrency holdings are being seized via prejudgment garnishment.
What is Ark40 Consulting and is Devin Elder still operating it?: Ark40 Consulting (ark40consulting.com) is a technology advisory firm founded by Devin Ward Elder after the collapse of DJE Texas. It was actively promoting Elder's services between his guilty plea (February 17, 2026) and his scheduled sentencing (September 9, 2026), without disclosing his federal conviction or the $66 million restitution obligation.
Where will Devin Elder be sentenced?: United States District Court for the Western District of Texas, San Antonio Division, before U.S. District Judge Fred Biery. 262 W. Nueva St., San Antonio, TX 78207.
What happened to DJE Texas investor funds?: Elder diverted investor funds to personal assets including Eventide Ranch (a 500-acre exotic animal ranch), a Robinson R44 helicopter (N244WB), a SOCATA TBM 700 private jet (N776RM), a Port Aransas beach house, and a personal San Antonio residence. He also used $8.8 million in new investor funds to pay fake returns to earlier investors.

Victim Impact Statements

Victims of the DJE Texas fraud may submit written victim impact statements to the U.S. Attorney's Office before sentencing. Contact: USATXW.VictimAssistance@usdoj.gov. Statements submitted before September 9, 2026 are considered by the judge in determining the sentence.

All information sourced from public federal court records (Case 5:26-cr-00038-FB).

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DJE Texas Management Group | Company History | 17 Investment Offerings

DJE Texas Management Group, LLC (also known as DJE Texas or DJE) was a San Antonio-based real estate investment company founded by Devin Ward Elder in March 2015. The company raised $66 million from 345 investors across 17 investment offerings before collapsing in early 2025. Elder pleaded guilty to federal wire fraud on February 17, 2026.

Company Overview

Legal Name: DJE Texas Management Group, LLC
Founded: March 2015
Founder/CEO: Devin Ward Elder
Location: 115 Camaron St., San Antonio, TX (sold May 2025)
Portfolio (Peak): ~2,500 apartment units, flex industrial, thousands of acres
Self-Valued: $400 million (early 2025)
Collapse: March 2025

The 17 Investment Offerings

Real Properties 1 through 8 (industrial flex space projects)
Real Properties 9 through 12 (land projects, "cash deals")
Real Property 13 (Leeds Building, 345 Commerce Venture)
Real Property 14 (214 Gonzales Venture)
DJE Income Fund I, LLC ($4.7M from 38 investors, launched Sep 2024)
Travis 2026 LLC ($4.1M from 46 investors, Travis Building)
Bluemel Business Park LLC (flex industrial)

Corporate Structure (Shell Entities)

DJE Texas Management Group, LLC (parent)
DJE MGR LLC (management entity)
DJE Equity 01, LLC (hidden commingling entity)
DJE IF I MGR, LLC (Income Fund manager)
Get to the Choppa LLC (helicopter registration)
Eventide Land Holdings LLC (ranch)
Medina Business Park Venture, LLC (commercial land)
Alamo 678 Holdings LLC (residential rentals)

What Happened

Between January 2023 and March 2025, Elder operated a Ponzi-like fraud through DJE Texas, using new investor funds to pay earlier investors and diverting capital to personal assets. The scheme collapsed in March 2025 when Elder could no longer sustain payments. A federal receiver (Dan Kubinski, Crowned Eagle Realty LLC) was appointed to liquidate approximately 21 properties totaling more than 1,000 acres. Elder pleaded guilty to federal wire fraud on February 17, 2026.

Key Financial Facts

Total investor losses: $66 million in outstanding principal
Total investors defrauded: 345
Ponzi payments made: ~$8.8 million (new investor capital used to pay earlier investors)
Elder's personal investment across all 17 projects: $300.00 (Real Property 1 only)
Undisclosed bank debt placed on investor properties: $18.25M (UC Funds, Travis Building), $5M (Texas Partners Bank), $1.83M (First Citizens Bank, Leeds Building)

All information sourced from public federal court records and the DJE Texas Management Group PPMs.

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Investor FAQ | Devin Elder | DJE Texas | Restitution | Victim Impact

Frequently asked questions for investors defrauded by Devin Ward Elder through DJE Texas Management Group.

Victim Impact Statements

How do I submit a victim impact statement?: Email USATXW.VictimAssistance@usdoj.gov with subject line: Victim Impact Statement, USA v. Elder, Case 5:26-cr-00038-FB. You may also mail a physical statement to the U.S. Attorney's Office, Western District of Texas, 601 NW Loop 410, Suite 600, San Antonio, TX 78216.
What should I include in my statement?: Total amount invested, which DJE offering(s), financial impact (lost savings, credit damage), emotional impact, how you were recruited, and what Elder told you that convinced you to invest.
Can I attend the sentencing hearing?: Yes. Federal sentencing hearings are open to the public. September 9, 2026 at 9:00 AM, U.S. Courthouse, 262 W. Nueva St., San Antonio, TX 78207.

Restitution & Recovery

Will I get my money back?: Elder agreed to a $66 million money judgment. The federal receiver is liquidating assets, but total recovery is expected to be a small fraction of the $66M owed. As of June 2026, multiple properties have been sold and cryptocurrency holdings are being seized.
What is the difference between restitution and forfeiture?: Restitution is money ordered paid directly to victims. Forfeiture is the government seizing assets obtained through criminal activity. Both are being pursued in this case.

The Plea Agreement

What did Devin Elder plead guilty to?: One count of federal wire fraud (18 U.S.C. § 1343). Maximum sentence: 20 years federal prison.
When is sentencing?: September 9, 2026 at 9:00 AM before Judge Fred Biery.

DJE Texas & Ark40 Consulting

What is Ark40 Consulting?: A technology advisory firm founded by Devin Elder after the DJE Texas collapse. It was active between his guilty plea and sentencing, describing the $66M fraud as "expensive mistakes" without disclosing the conviction.
How many DJE Texas offerings were there?: 17 total: Real Properties 1-14, DJE Income Fund I, Travis 2026 LLC, and Bluemel Business Park LLC.

All information sourced from public federal court records (Case 5:26-cr-00038-FB).

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Devin Ward Elder — Mugshot & Photo Gallery — Federal Wire Fraud Case

Official photo gallery of Devin Ward Elder, convicted federal wire fraud defendant. Includes mugshot, helicopter (N244WB), and private jet (N776RM) purchased with stolen investor funds. Case 5:26-cr-00038-FB, Western District of Texas.

Case Summary

Defendant: Devin Ward Elder, age 47
Charge: Wire Fraud, 18 U.S.C. § 1343
Guilty Plea: February 17, 2026
Victims: 345 investors
Total Fraud: $66 million
Maximum Sentence: 20 years federal prison
Sentencing: September 9, 2026 at 9:00 AM CT

Exhibit A: Defendant Mugshot

Devin Ward Elder. Founder and CEO of DJE Texas Management Group, LLC. Pleaded guilty to one count of federal wire fraud on February 17, 2026 after defrauding 345 investors of over $66 million through 17 fraudulent real estate investment offerings.

Exhibit B: Robinson R44 Helicopter (N244WB)

Custom camouflage Robinson R44 helicopter with shark-mouth vinyl wrap, tail number N244WB. Registered to "Get to the Choppa LLC," an entity controlled by Devin Elder. Purchased with diverted DJE Texas investor funds. Used for aerial hunting at Eventide Ranch.

Exhibit C: SOCATA TBM 700 Private Jet (N776RM)

SOCATA TBM 700 turboprop private jet, tail number N776RM. Purchased with stolen investor capital from DJE Texas Management Group. "Vegas for the weekend!" — Elder's social media post, January 19, 2024, while investors' retirement savings were being systematically diverted.

Exhibit D: Boarding Private Jet with Red Carpet

Devin Elder boarding his SOCATA TBM 700 private jet (N776RM) with red carpet treatment in San Antonio, Texas. Funded by investor capital stolen from 345 victims through DJE Texas Management Group while Elder represented to investors that their funds were being used for specific real estate projects.

Context

Elder told investors their money would be used to acquire and develop commercial real estate. Instead, he diverted millions to fund a private jet, a helicopter, an exotic animal ranch, and a lavish personal lifestyle. — U.S. Attorney's Office, Western District of Texas

All information sourced from federal court records. Case 5:26-cr-00038-FB.

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