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 did Devin Elder plead guilty?

Devin Ward Elder pleaded guilty on February 17, 2026 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. The case number is 5:26-cr-00038-FB, presided over by Judge Fred Biery.

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.

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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