Devin Ward Elder
SENTENCING COUNTDOWN
June 2, 2026 · W.D. Texas · Judge Fred Biery
Max: 20 yrs federal prison
SENTENCING COUNTDOWN
June 2, 2026 · W.D. Texas · Judge Fred Biery
Max: 20 yrs federal prison
SENTENCING COUNTDOWN
June 2, 2026 · W.D. Texas · Judge Fred Biery
Max: 20 yrs federal prison
Founder & CEO, DJE Texas Management Group, LLC
Wire Fraud · 18 U.S.C. § 1343 · Filed January 28, 2026 · Guilty Plea February 17, 2026
Who Is Devin Ward Elder? The Man Behind DJE
Devin Ward Elder, 47, grew up in difficult financial circumstances in San Antonio, Texas — by his own account, raised in a trailer and working part-time jobs like busing tables while pursuing his education. He later earned a six-figure salary in corporate roles at Rackspace Technology Inc. and 3M Co., before leaving to become a full-time real estate investor.
He founded DJE Texas Management Group, LLC in March 2015 and grew it into a firm controlling approximately 2,500 apartment units, flex industrial buildings, and thousands of acres of land across Texas. He valued his real estate empire at $400 million as recently as early 2025 — just before it all began to crumble.
Elder set a target of earning a "seven-figure annual income" and reaching $1 billion in assets under management, goals he discussed openly on real estate podcasts including the Action Academy podcast (January 2023) and the Helicopter Podcast (2024). He described himself as a successful entrepreneur who "owned and operated multiple businesses with both remarkable achievements and valuable lessons from humbling challenges."
"I'm going to be in real estate probably forever," he boldly declared on the Action Academy podcast. Soon, convicted felon would become part of his biography.
| Full Name | Devin Ward Elder |
| Age at Indictment | 47 |
| Location | San Antonio, Texas |
| Company | DJE Texas Management Group, LLC |
| Company Founded | March 2015 |
| Role | Founder & CEO |
| Portfolio (Peak) | ~2,500 apartment units + flex industrial + land |
| Self-Valued Portfolio | $400 million (early 2025) |
| Bank | Jefferson Bank, San Antonio, TX |
| Case Number | 5:26-cr-00038-FB |
| Court | W.D. Texas, San Antonio Div. |
| Judge | Hon. Fred Biery |
| Charge | Wire Fraud — 18 U.S.C. § 1343 |
| Charged | January 28, 2026 |
| Guilty Plea | February 17, 2026 |
| Sentencing | Week of June 2, 2026 |
| Investigating Agency | FBI (investigation began summer 2025) |
DJE's downtown San Antonio headquarters at 115 Camaron St. served as the registered address for Elder's entire network of shell companies. In May 2025, amid the liquidation process, DJE sold the building to Barton & Associates, a criminal defense law firm, which took out a $1.9 million loan from Frost Bank as part of the transaction.
The sale was brokered by Accelerated CRE's Tessa Martinez, whose brokerage is owned by R&D Real Estate, LLC — an entity tied to Elder and associate Ruben Dominguez. Some investors raised concerns about a potential conflict of interest in the transaction. Elder had already stepped down as DJE manager in April 2025 after hiring Max Wayman & Associates to wind down the business.
Funded by Investor Money
While investors waited for promised returns, Elder used their funds to finance a lavish personal lifestyle — including a private plane, a custom helicopter, ranches, livestock, and a beachfront vacation home.
Elder openly described his lifestyle on real estate podcasts, boasting of owning a private plane and helicopter — both of which he learned to pilot. He used the helicopter to take his friends coyote-hunting at his ranches.
His personal assets included multiple ranches with livestock, a Port Aransas beach house valued at approximately $1 million (originally listed at $1.1M, later reduced to $979,000), and a family home in Fossil Ridge that he shared with his wife and three children.
On the Helicopter Podcast in 2024, Elder explained his philosophy: he was a big fan of finding a "business excuse to pay for whatever it is you want to do."
He also opened Luz Roja, an upscale Tex-Mex restaurant on the San Antonio River Walk, in March 2025 — the same month he halted investor payments. The restaurant closed in October 2025 with five days' notice to staff, leaving $69,000 in unpaid contractor bills.
Elder at Eventide Ranch · Wearing branded camo shirt
According to the federal plea agreement, Elder used investor funds to acquire personal real estate holdings, including Eventide Ranch — a private exotic animal ranch located in Atascosa County, South Texas. The ranch was stocked with expensive exotic wildlife including Scimitar Oryx, Zebras, Blackbuck antelope, Axis deer, Barasingha, Fallow deer, and Longhorn cattle — all funded by investor capital.
Elder publicly celebrated the ranch on the Eventide Ranch Facebook page, posting photos of the exotic animals between 2020 and 2022 — the same period he was actively soliciting new investors. He also used his camo-painted Robinson R44 helicopter to conduct aerial hog and coyote hunts over the ranch property.
Elder sold Eventide Ranch on December 12, 2023 — in the midst of the ongoing fraud, while investors continued to receive false assurances about their returns. The sale occurred approximately 14 months before the scheme collapsed and the FBI investigation became public in early 2025. Despite the sale, multiple Atascosa County land tracts associated with the ranch remain listed among the 13 real properties subject to forfeiture in the federal plea agreement.
Among the personal assets Elder acquired with investor funds was a SOCATA TBM 700 turboprop aircraft, tail number N776RM. The TBM 700 is a high-performance single-engine turboprop capable of speeds exceeding 300 knots, with a range of over 1,500 nautical miles — a favored aircraft among wealthy executives. New examples sell for approximately $3–4 million; used examples in this class typically trade between $1–2 million.
Elder was photographed aboard the aircraft on January 19, 2024, posting to social media: "Vegas for the weekend!" — while hundreds of investors were waiting for overdue returns on their DJE investments.
Elder also purchased a 2006 Robinson R44 Raven I helicopter, tail number N244WB, using investor funds. The R44 is a four-seat light helicopter with a market value of approximately $200,000–$300,000. In 2024 — at the peak of the fraud — Elder had the helicopter wrapped in a custom vinyl camouflage wrap with a shark-mouth design, a conspicuous and expensive vanity modification.
The holding company Elder used to own the helicopter was named GET TO THE CHOPPA LLC — a deliberate play on the famous Arnold Schwarzenegger line from the 1987 film Predator. Texas Franchise Tax records (Report Year 2024, filed 08-20-2024) list Devin Elder as both President and Director, with the registered address of 115 Camaron St, San Antonio, TX 78205 — the same address used by DJE MGR LLC, the registered agent for Elder’s entire network of shell companies. Taxpayer No.: 32077553116.
Elder used the helicopter to conduct aerial hog and coyote hunts over Eventide Ranch, posting to the Eventide Ranch Facebook page on October 13, 2020: “Clearing coyotes and hogs for the neighbors”— while simultaneously soliciting new investor capital for DJE real estate projects.
"Luz Roja marks not only a new spot along the river, but one with strong San Antonio connections, including owner Devin Elder and respected consultant and brand-builder Dan Ward."
In March 2025, Elder opened Luz Roja, an elevated Tex-Mex restaurant at 405 N. St. Mary's St. (later noted as 419 N. St. Mary's St.) in the Travis Building on the San Antonio River Walk. The restaurant occupied the former home of the Original Blanco Cafe, which had operated for 45 years.
Elder hired respected restaurant consultant Dan Ward of Holistic Hospitality and local design firm Haus of Powell to create the experience. The menu featured elevated Tex-Mex by chef Rodrigo Elisea, including chicken mole, cochinita pibil, and a full cocktail bar. The restaurant was billed as a neighborhood destination, not a tourist trap.
Luz Roja opened the same month Elder halted investor distributions. By summer 2025, Boston-based UC Funds had foreclosed on the Travis Building after DJE defaulted on an $18.25 million loan; UC Funds won the auction for $16.7 million.
On October 10, 2025, Elder closed Luz Roja with just five days' notice to staff. Luz Roja LLC owed more than $69,000 in unpaid bills to contractor Hermes Group. A former employee told the Business Journal: "I have not seen or heard from Devin since April. They were putting $0 into the restaurant."
Elder purchased a beachfront condo at 717 Sunrise Ave (Lot 14, Block 1, Sunflower Beach P.U.D.), Port Aransas, Nueces County, Texas — a 3-bedroom, 4-bathroom, 2,395 sq. ft. Gulf-front residence in the exclusive gated community of Admirals Row. The property features cathedral ceilings, original teak flooring, a dedicated primary suite floor with ocean views, and a private turfed patio. The community allows short-term rentals and includes a pool and beach crossover. The property is currently listed for $1,249,990.
The property was acquired on August 31, 2020 via General Warranty Deed (Instrument No. 2020-2020038780, recorded September 1, 2020 in Nueces County). The grantor was Sunflower Beach Homes LLC (Austin, TX) and the grantee was Sunrise Capital Partners LLC — an Elder-controlled shell company with its registered address at 20770 US Hwy 281 N, Ste 10843, San Antonio, TX 78258.
Devin Ward Elder maintained a large personal residence in San Antonio, Texas, funded in part by investor capital diverted from DJE Texas Management Group projects. The home featured a resort-style pool, outdoor entertaining area, gourmet kitchen, and high-end interior finishes consistent with the lavish lifestyle Elder projected to attract new investors.
Elder sold the property on March 7, 2025 — the same month he halted all investor distributions and notified investors that they should expect to lose a large portion of their principal. Following the sale, Elder moved into a rental house.
The timing of the home sale — days before or concurrent with the scheme's public collapse — raised immediate questions among investors and investigators about asset dissipation. The federal receiver appointed in February 2026 was tasked with identifying and recovering all assets traceable to investor funds, including personal property purchases made during the fraud period.
Boasting While Defrauding
While 345 investors awaited promised returns, Devin Elder posted social media videos celebrating his helicopter flights, rooftop parties at the Travis Building, and real estate "success" — all funded by investor capital.
A DJE Texas Management Group social media post promoting the company's real estate portfolio and investment opportunities — posted during the peak of the fraud.
Elder films himself flying to Dallas in his Robinson R44 helicopter (N244WB) — the camo-wrapped aircraft purchased through Get to the Choppa LLC, funded by investor capital.
Elder takes his helicopter out for a lunch excursion — a casual display of the lavish lifestyle financed by the $66 million fraud scheme targeting senior citizens and retirees.
Elder and friends celebrate on the rooftop of the Travis Building — a historic San Antonio property purchased with $18.25M in investor-backed debt that later went into foreclosure.
Elder explains his investor recruitment strategy on social media — the same tactics used to solicit $66 million from 345 victims through false promises of returns.
How the Scheme Worked
From January 2023 to March 2025, Elder orchestrated a systematic fraud combining false promises, commingled funds, and Ponzi-style payments to deceive approximately 345 investors.
False Promises to Investors
Elder induced investors with material misrepresentations: funds would be used solely for the specific project promoted; he would personally "co-invest" his own money; no bank loans would encumber the real estate; 10% annualized interest paid monthly; and an 18-month maximum hold period for return of principal.
Private Placement Memoranda
For each of the 17 investment offerings, Elder created Private Placement Memoranda (PPMs) containing false and misleading statements. These documents — including the DJE Income Fund I, LLC PPM dated January 31, 2023 — were used to solicit investor funds, creating a veneer of legitimacy.
Commingling & Diversion of Funds
After investors wired money to project-specific accounts, Elder secretly transferred funds to a hidden entity — DJE Equity 01, LLC ("DJE Equity") — without investor knowledge. He concealed this account even from his own accountants, using it as a central pool to commingle funds across all 17 projects.
Ponzi-Style Interest Payments
Over the 26-month scheme, investors received approximately $8.8 million in payments described as "interest" and "principal." In reality, many of these payments consisted of funds from other investors rather than actual investment returns — a classic Ponzi structure.
Unauthorized Loans & Encumbrances
Contrary to his explicit promises of "cash deals" with no lenders, Elder obtained multiple bank loans using investor-owned properties as collateral. In June 2024, he secured a $4,945,394 construction loan from Security State Bank using Real Property 1 as collateral — directly contrary to his "no loans" promise.
Collapse & Investor Notification
In March 2025, Elder halted all interest payments. He notified investors that his businesses were facing financial difficulties, that projects would not be completed, and that they should expect to lose a large portion of their investments — leaving approximately $66 million in outstanding principal owed.
Three Claims Elder Made to Investors
"3 points are critical to our performance and our brand." Elder repeated these three claims as a common theme for his investment offerings. All three were false.
"We've never lost investor capital."
345 investors lost approximately $66 million in principal. Elder's plea agreement states that as of March 2025, approximately $66,000,000 in outstanding principal remained owed to investors — none of which has been recovered.
"We've never performed a capital call."
While technically no formal capital call was issued, Elder secretly commingled funds across all 17 projects through a hidden entity (DJE Equity 01, LLC), effectively using new investor capital to cover shortfalls in existing projects — the functional equivalent of an undisclosed capital call.
"We've met or exceeded return projections on all full cycle projects."
Elder paid approximately $8.8 million in purported 'interest' and 'principal' payments using funds from other investors — a Ponzi structure. No project generated the returns promised. In March 2025, Elder told investors to expect to lose a large portion of their investments.
DJE Income Fund I, LLC
Elder's Private Placement Memorandum, dated January 31, 2023, promised accredited investors a 10% annual preferred return — while concealing the true nature of how funds would be used.
In September 2024 — while the fraud scheme was already underway and investor funds were being misappropriated — Devin Elder and his DJE team hosted a lunch at Fleming's Prime Steakhouse & Wine Bar in Plano, Texas, to pitch the DJE Income Fund to a room of elderly investors. The September 10, 2024 Facebook post from DJE Texas Management Group described it as a "fantastic lunch" to "connect and explore our Real Estate Fund," using hashtags #RealEstateInvesting #IncomeFund #AccreditedInvestors. Elder continued soliciting new investor capital less than six months before the scheme collapsed in March 2025.
The video below shows Devin Elder presenting the DJE Income Fund pitch to a group of potential investors at Fleming's Steakhouse in Plano, Texas. Elder can be seen delivering the same false promises documented in the PPM — 10% annual returns, diversified real estate holdings, and a stable "evergreen" fund — to a room of prospective investors, many of them elderly and retired.
| Fund Entity | DJE Income Fund I, LLC (Delaware LLC) |
| Manager | DJE IF I MGR, LLC (Devin Elder, Key Person) |
| Offering Type | Reg D, Rule 506(c) — Accredited Investors Only |
| Price Per Unit | $1,000 |
| Minimum Investment | $50,000 (50 units) |
| Offering Period | Perpetual / Evergreen |
| Promised Return | 10% annualized preferred return, paid monthly |
| Lockup Period | 12 months per capital contribution |
| Withdrawal Notice | 90–270 days (depending on amount) |
| Manager Fees | None disclosed (only expense reimbursement) |
| Legal Counsel | M&W Law, PLLC (Adnan Merchant), Dallas TX |
The 17 Investment Offerings
Elder created 17 separate investment offerings, each with its own LLC and Private Placement Memorandum. Fourteen acquired real property. The following categories summarize the major project groups.
Industrial Flex Space Projects
Eight industrial flex space offerings raised approximately $28 million from roughly 280 investors between January 2023 and February 2025. Individual investments ranged from $25,000 to $1.5 million. Elder falsely claimed he would personally invest $23.6 million of his own money across these projects; in reality, he contributed only $300 to Real Property 1.
Land Projects
Four land investment offerings raised approximately $11 million from 143 investors. Each project involved between 11 and 500 acres of Texas land with a promised 12 or 18-month hold period. Elder falsely claimed these were "cash deals" with no lenders and that he would personally invest $250,000–$350,000 per project ($1.2 million total).
345 Commerce Venture — Downtown San Antonio
A two-story mixed-use retail and office building at 345 W. Commerce Street (the Leeds Building) in downtown San Antonio, acquired in 2023. Elder raised $1.2 million from 16 investors, promising the funds would be used solely to purchase and renovate the property. The building was held by 345 Commerce Venture LLC. Federal receiver Dan Kubinski (Crowned Eagle Realty LLC) sold the property to GXM Investments LLC for $1.4 million in February 2026 — netting investors only $165,011 after First Citizens Bank lien, taxes, and fees (~11.8 cents on the dollar).
214 Gonzales Venture — Ranch Land
214 Gonzales Venture involved the purchase of 214 acres of ranch land near a major Texas city. Elder raised $1.75 million from 14 victim-investors, advertising a 12-month max hold period with 10% annual interest paid monthly. Elder falsely represented that he would invest $200,000 of his own money in the project. Elder transferred victim-investor funds from the ELH bank account to the DJE Equity bank account, then on April 16, 2024, wired $1,696,835.03 of comingled funds to Capital Title of Texas to purchase the 214 acres.
The "Income Fund"
The DJE Income Fund was marketed as a diversified investment vehicle with 20% cash reserves and 80% invested across land, multifamily, industrial, single family, and performing notes. Elder falsely claimed the fund had invested in 7 industrial parks, his Port Aransas beach house, single family homes, his office building, and multiple other projects.
Travis Building — Downtown San Antonio
Elder raised funds to support operating costs on the Travis Building at 405 N. St. Mary's Street — a multi-story, 72,000 sq ft mixed-use retail and multifamily building already owned by Elder. Elder promised investors 7% annualized interest paid monthly plus an extra 14% when they exited, with a maximum 24-month lock-up period. Elder falsely represented that the building's debt was $12 million, its current value was $23.8 million, and there was an equity cushion of $7.8 million. Elder also opened Luz Roja, an upscale Tex-Mex restaurant on the River Walk level, in March 2025 — the same month he halted all investor distributions.
Flex Space — Land Never Purchased
Bluemel Business Park LLC was a flex space investment project in which Elder raised approximately $3 million from 27 victim-investors between May 2023 and July 2024. Elder promoted it as an 18-month max hold period investment with 10% annual interest paid monthly plus an additional 1.5% at exit. Elder falsely stated in promotional PowerPoint presentations that 'we will not use any lender on this asset' and that he would invest $3.4 million of his own money. Investors wired funds directly into an ELH bank account, which Elder then transferred to DJE Equity.
Investor & Vendor Litigation
Before the federal criminal case, Elder and DJE Texas faced a cascade of civil lawsuits from defrauded investors, vendors, and real estate firms in Bexar County District Court.
Denver-based real estate firm sued Elder after purchasing The Allure apartment complex (268 units, 7770 Pipers Lane) in July 2025. Platte alleged DJE misrepresented occupancy as 90%+ when actual occupancy was 15% lower. DJE also allegedly kept its rent payment portal open for two months after closing, collecting more than $52,000 in rent that was never returned. Attorney David Denton wrote: "Elder's communications convey not refusal, but inability, to return what is in effect stolen rent."
Two investors alleged misrepresentations in three industrial projects and one apartment investment. Gomez invested $100,000 in Brooks Business Park Venture LLC and Medina Business Park Venture LLC; Little invested $60,000 in Med Center Venture LLC (Helix apartment complex). Elder and former investor relations head Justin Liggitt allegedly inflated expected rates of return and failed to verify accredited investor status.
Fifth investor lawsuit filed by entities controlled by local attorney Charles Riley. Invested $100,000 each through Apartment Educators (AE), a seminar business co-owned by Elder and Ruben Dominguez. Alleged that Elder associates Dominguez, Ohm Culpepper, and Mark Biasiolli misrepresented the investment and failed to disclose that the Stratton Park Apartment project had been pledged as collateral for loans on other ventures.
Multiple vendors and contractors filed suit as liens piled up against DJE properties. Luz Roja LLC owed $69,000+ to contractor Hermes Group. Platte Canyon Capital's lawsuit also alleged $52,000+ in stolen rent. The FBI's civil filing in summer 2025 identified 13 properties for potential seizure, effectively freezing Elder's ability to sell those assets.
345 Defrauded Investors
Approximately 345 individuals invested their savings — including retirement funds — in what they believed were legitimate, low-risk real estate opportunities. The financial consequences were devastating.
Raised from approximately 345 investors across 17 investment offerings between January 2023 and March 2025.
The money judgment entered against Elder represents the outstanding principal owed to defrauded investors at the time of the guilty plea.
Over the 26-month scheme, investors received $8.8M in purported interest and principal — largely funded by other investors' money.
The charged wire transfer — the specific act underlying the federal count — occurred on February 21, 2024, when Elder caused $600,000 of victim J.G.'s investment funds to be transmitted via wire from Ally Bank (Sandy, Utah) to Jefferson Bank (San Antonio, Texas).
Investor Estanislao Gomez invested $100,000 of his retirement savings in DJE projects. Court filings state Elder was aware of the financial struggles broadly affecting his empire at the time he was still soliciting Gomez's investment in January 2025 — yet this material risk was never disclosed.
Investor Eve Marie Little invested $60,000 in Med Center Venture LLC. She was promised a 7% annual rate of return and a profit share upon project completion. As of the lawsuit filing date, her principal had not been returned. The properties were subsequently acquired by private creditor Lument.
In March 2025, Elder abruptly halted all payments and informed investors they should expect to lose a large portion of their investments. Over $66 million in principal remained outstanding.
Submit a Victim Impact Statement
All 345 victims are encouraged to submit a written statement directly to the sentencing judge before June 2, 2026. Your statement is one of the most powerful tools available to ensure the court understands the full human cost of this fraud.
Sentencing is June 2, 2026. Your statement must reach the court before that date.
Federal judges are required by law (18 U.S.C. § 3771, the Crime Victims’ Rights Act) to consider victim impact statements before imposing a sentence. The more statements the judge receives, the more complete the record of harm — and the greater the weight it carries at sentencing. Statements submitted after the hearing date cannot be considered. Do not wait. Every day you delay is a day closer to the deadline.
Federal judges must consider victim impact statements before sentencing under the Crime Victims’ Rights Act. A single powerful statement can shift the judge’s understanding of the harm caused. 345 statements create an undeniable record.
The more clearly you document your financial losses — principal invested, lost returns, medical costs, lost wages, and downstream financial harm — the stronger your position in the restitution calculation. Vague claims receive less weight than specific, documented ones.
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. Your words will be read by the judge before he decides the sentence.
Your statement should describe how this crime has affected you and your family. You may refer to the sample questions in the Information Regarding Your Victim Impact Statement PDF below as a guide.
Financial harm: Exact dollar amount invested, promised returns, actual losses, impact on retirement savings, college funds, housing, or business plans. Include any downstream losses such as forced home sales, missed investment opportunities, or debt incurred to cover the shortfall.
Mental & physical health: Anxiety, depression, sleep disorders, stress-related illness, or any medical or mental health treatment sought as a result of this fraud. Lost wages from treatment time may be included in restitution.
Relationship and family impact: Strain on marriage or family relationships, inability to support dependents, impact on children’s education or future, and any changes to your family’s standard of living.
Trust and sense of security: How the fraud has affected your ability to trust financial advisors, invest in the future, or feel secure in your financial decisions going forward.
How you were solicited: If Elder or DJE Texas representatives made specific promises to you personally — in writing, by phone, or in person — describe those representations. This corroborates the scheme.
Ongoing fear or distress: Any continuing sense of unrest, fear of future financial instability, or psychological impact that persists today.
We ask that you refrain from expressing wishes of harm toward the defendant; however, you are welcome to share any feelings of fear, distress, or ongoing sense of unrest related to the incident.
Completed victim impact statements should be sent directly to the U.S. Department of Justice victim-witness coordinator for this case. The deadline is before the June 2, 2026 sentencing hearing.
Legal Proceedings
| Charge | Wire Fraud — 18 U.S.C. § 1343 |
| Count | One (1) |
| Max Prison Term | 20 years |
| Mandatory Minimum | None |
| Max Supervised Release | 3 years |
| Max Fine | $250,000 or 2× gross gain/loss |
| Monetary Assessment | $100 |
| Money Judgment | $66,000,000 |
| U.S. Attorney | Justin R. Simmons |
| AUSA (Lead) | William R. Harris |
| AUSA | Steven Seward |
| AUSA | Ray Gattinella |
| Defense Attorney | John S. Gilmore, III |
| Presiding Judge | Hon. Fred Biery |
| Receiver | Dan Kubinski, Crowned Eagle Realty LLC |
| Investigating Agency | Federal Bureau of Investigation (FBI) |
As part of the plea agreement, Elder agreed to forfeit 13 real properties across multiple Texas counties, plus a $66 million money judgment. A receiver (Dan Kubinski, Crowned Eagle Realty LLC) was appointed to sell approximately 21 properties totaling more than 1,000 acres.
Elder entered a Rule 11(c)(1) non-binding plea agreement, meaning the court is not bound by any sentencing recommendation from the parties.
Elder agreed to full restitution in an amount to be determined by the Court, jointly and severally with any other defendants ordered to pay restitution.
Elder agreed not to contest the administrative, civil, and/or criminal forfeiture of all subject properties and waived all constitutional, legal, and equitable defenses to forfeiture.
A $66,000,000 money judgment was entered, representing the value of proceeds obtained directly or indirectly as a result of the wire fraud violation.
The government has found a buyer and filed to sell the Leeds Building for $1.4 million. However, after paying the First Citizens Bank lien, taxes, and receiver fees, investors will receive only $165,011 — less than 12 cents on every dollar invested. The sale is awaiting approval from Judge Fred Biery of the U.S. Western District of Texas.
Elder acquired the two-story Leeds Building at 345 W. Commerce Street in downtown San Antonio in 2023, touting it as an expansion of DJE's downtown footprint. The property was held by 345 Commerce Venture, an eponymous LLC entity connected to Devin Elder. The building is a two-story mixed-use structure in the heart of downtown San Antonio.
On February 24, 2026 — just days after Elder's guilty plea on February 17 — the government filed in the U.S. Western District of Texas to sell the Leeds Building to GXM Investments, LLC, an entity affiliated with Gerard Morales, founder and CEO of private security firm Texas Veteran Security, for approximately $1.4 million. The deal was reportedly worked out before federal prosecutors filed charges.
The receiver overseeing the sale is Dan Kubinski of Crowned Eagle Realty LLC, appointed by the U.S. Attorney's Office to liquidate 21 Elder-connected properties across South Texas. At the time of reporting, Judge Fred Biery had not yet approved the Leeds Building sale, though he had recently approved a similar sale of 31 acres in Atascosa County (part of the Eventide Ranch forfeiture).
"None of these [other offers] would have resulted in monies being available for the benefit of victims, as the Property is subject to a pre-existing lien in favor of First Citizens Bank."
Source: SABJ — "A Devin Elder property is selling. Investors will only see a fraction of the proceeds" · James McCandless · Feb. 27, 2026 · Photo: Gabe Hernandez / SABJ
The Travis Building at 405 N. St. Mary's Street — a historic 10-story, 250,000 sq. ft. building constructed in 1920 and converted by DJE into 63 apartments with 20,000 sq. ft. of office/retail — was the first San Antonio project to receive PACE funding ($5M). DJE completed the conversion in 2023 after taking over the project from California-based Harris Bay.
By April 2025, DJE had defaulted on an $18.25 million loan from UC Lending (originated 2020). A foreclosure notice was filed with Bexar County, with an auction scheduled for May 6, 2025 at the Bexar County Courthouse. The Bexar Central Appraisal District valued the property at $12.9M.
Boston-based UC Funds ultimately won the foreclosure auction for $16.7 million, taking control of the building. DJE's biography had boasted: "No Investor or Lender Capital Lost on Any Transaction Ever."
Sources: The Real Deal (Apr. 24, 2025) · SABJ "Local real estate firm's financial troubles leave investors in limbo" (Apr. 24, 2025)
In February 2025, Elder shifted investor distributions from monthly to quarterly, citing interest rates and "economic headwinds." He announced layoffs, a halt to acquisitions, and the listing of DJE's downtown headquarters for sale. He promised "more frequent, shorter real-time updates" — then parted ways with Head of Investor Relations Justin Liggitt.
By April 2025, investors told the San Antonio Business Journal they could not reach anyone at DJE in any meaningful way. One investor — who declined to be named for fear of legal action — said hundreds of thousands of dollars, including a portion of their 401(k), were in limbo.
"Where we're at right now is we have no idea what's going to happen with our money, where our money is at and we're just at the mercy of them to ever decide to respond."— Anonymous DJE investor, SABJ April 2025
"There are guys out there with meaningful amounts of money that are holding the bag. I don't know where we're going to go with this thing."— Second anonymous DJE investor, SABJ April 2025
Investors also reported filing complaints with the Texas Attorney General's office and the Securities and Exchange Commission (SEC).
Source: SABJ — "Local real estate firm's financial troubles leave investors in limbo, properties at risk" · Apr. 24, 2025 · James McCandless
The presiding judge is being asked to approve foreclosure proceedings on Brooks Business Park (9326 SE Loop 410), a complex of flex warehouses on San Antonio's South Side. Pearsall-based Security State Bank seeks permission to take over the property, telling Judge Fred Biery that Elder owes approximately $5.7 million from a loan originated in 2024. The property has been listed at $6.4 million; the highest offer received was $5.8 million, and the property carries two liens. The government wrote: "The Receiver does not believe there is any equity in the Real Property considering the preexisting liens." Sentencing remains scheduled for the week of June 2, 2026.
The Ark40 Rebrand
While 345 investors await restitution and Elder awaits federal sentencing (week of June 2, 2026), his new consulting firm Ark40 Consulting is actively promoting a brand-rehabilitation narrative online — describing the $66 million fraud as "expensive mistakes" and "building and losing a real estate company" without any mention of the guilty plea, the victims, or the $66 million still owed.
After the DJE Texas Management Group scheme collapsed in early 2025, Devin Ward Elder formed Ark40 Consulting (also written as Ark 40 Consulting), a technology advisory firm for nonprofits and small businesses. The firm's name is a deliberate biblical reference to Noah's Ark — framing Elder's post-fraud chapter as a story of survival and rebuilding rather than accountability.
The Ark40 Consulting "About" page features a section titled "A Note on This Work" in which Elder describes himself as someone who "built and lost a real estate company," made "expensive mistakes," and is now channeling those lessons into helping mission-driven organizations. The page omits any reference to the federal criminal case, the 345 defrauded investors, or the $66 million restitution obligation.
The timing is notable: Elder's Ark40 website was live and actively promoting this narrative in the months between his guilty plea (February 17, 2026) and his scheduled sentencing (week of June 2, 2026) — a period in which defendants and their attorneys often work to shape the court's perception of the defendant's character and rehabilitation.
WHAT ELDER SAYS vs. WHAT HE OMITS
ELDER SAYS
"I've made expensive mistakes and learned from them."
REALITY
The 'expensive mistakes' were a $66 million wire fraud scheme. 345 investors lost their life savings. Elder pleaded guilty on February 17, 2026.
ELDER SAYS
"I'm working on my second book, a memoir about building and losing a real estate company."
REALITY
The real estate company was not 'lost' — it was a Ponzi-like scheme. Elder diverted investor funds to personal assets: a 500-acre exotic animal ranch, a camo-painted helicopter, a private jet, and a Gulf Coast beach house.
ELDER SAYS
"Ark40 is the distillation of all of that — helping organizations that are doing something good in the world do it better."
REALITY
Elder is awaiting federal sentencing for wire fraud carrying up to 20 years. He owes $66 million in restitution. Not one dollar has been paid to victims as of April 2026.
ELDER SAYS
"I'm a person who has built things, broken things, and kept going."
REALITY
The 'broken things' include the retirement savings of 345 investors, many of them senior citizens, who were promised 8–10% annual returns and received nothing.
Screenshot: ark40consulting.com/about — captured April 2026. Elder's "A Note on This Work" section describes the $66M fraud as "expensive mistakes."
SENTENCING SCHEDULED
Week of June 2, 2026
U.S. District Court, W.D. Texas · Judge Fred Biery
Maximum sentence: 20 years federal prison
Chronology of Events
Elder establishes his San Antonio-based investment firm, which would grow to employ dozens of people and control ~2,500 apartment units, flex industrial buildings, and thousands of acres of Texas land.
Elder issues the Private Placement Memorandum for DJE Income Fund I, LLC — promising accredited investors a 10% annual preferred return, $50,000 minimum investment, and an "evergreen" perpetual fund structure.
Elder begins fraudulently raising money from investors across 17 real estate investment offerings, using false PPMs and misrepresentations about fund usage, co-investment, and debt-free structures.
Elder tells investors he is "taking measures to maintain viability" in the face of economic headwinds. He announces plans to reduce staff and halt acquisitions — the first public signal of trouble.
Elder causes $600,000 of victim J.G.'s investment funds to be transmitted via wire from Ally Bank (Sandy, UT) to Jefferson Bank (San Antonio, TX). This specific transaction forms the basis of the federal wire fraud charge.
Elder secures a $4,945,394 construction loan from Security State Bank using Real Property 1 as collateral — directly contrary to his promises to investors of "no loans."
DJE Texas Capital Fund posts a Facebook ad promising "10% IRR" with a $50,000 minimum investment and the tagline "Income You Can Depend On" — while the scheme is already underway and investor funds are being commingled.
Elder opens Luz Roja, an upscale Tex-Mex restaurant at 405 N. St. Mary's St. in the Travis Building on the San Antonio River Walk. The restaurant opens the same month Elder halts investor distributions.
Elder stops making interest payments to all investors. He notifies them of financial difficulties, that projects will not be completed, and that they should expect to lose a large portion of their investments. ~$66M in principal remains outstanding.
The FBI opens a criminal investigation into DJE Texas Management Group for potential money laundering and wire fraud. A civil filing identifies 13 properties for potential seizure, effectively freezing Elder's ability to sell those assets.
Boston-based UC Funds assumes control of the Travis Building in a foreclosure sale after DJE defaulted on an $18.25 million loan. UC Funds wins the auction for $16.7 million.
Denver-based Platte Canyon Capital sues Elder for breach of contract and fraud over the sale of The Allure apartment complex, alleging misrepresented occupancy rates and $52,000+ in stolen rent.
Elder closes Luz Roja with just five days' notice to staff. The restaurant owes $69,000+ to contractor Hermes Group. A former employee: "I have not seen or heard from Devin since April. They were putting $0 into the restaurant."
Entities controlled by attorney Charles Riley file the fifth investor lawsuit, alleging misrepresentation in a $200,000 investment in a North Side apartment complex through Apartment Educators.
The U.S. files a one-count Information charging Elder with Wire Fraud (18 U.S.C. § 1343). Elder signs the plea agreement the day before. Case No. 5:26-cr-00038-FB, U.S. District Court, Western District of Texas, before Judge Fred Biery.
The U.S. Attorney's Office moves to appoint Dan Kubinski of Crowned Eagle Realty LLC as receiver for 21 Elder-owned properties totaling more than 1,000 acres across San Antonio and South Texas.
Elder appears in U.S. District Court and formally pleads guilty to one count of Wire Fraud. He faces up to 20 years in federal prison and must repay $66 million to victims.
Security State Bank asks Judge Biery to approve foreclosure on Brooks Business Park (9326 SE Loop 410), seeking recovery of $5.7 million. The property has been listed at $6.4M with no satisfactory offers.
Elder is scheduled to be sentenced. A federal district court judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Maximum sentence: 20 years.