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 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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