DJE Texas Management Group — Investor Resources
Answers to the most common questions from DJE Texas Management Group investors about victim impact statements, restitution, the plea agreement, and the June 2, 2026 sentencing.
01 — Victim Impact Statements
Victim impact statements must be submitted to the U.S. Probation Office for the Western District of Texas before the June 2, 2026 sentencing. You can submit by email, mail, or in person. The statement should describe how the fraud affected you financially, emotionally, and in your daily life. Visit our dedicated Victim Impact page at devinelderfraud.com/victim-impact for step-by-step instructions, DOJ resources, and a downloadable guide.
Your statement should include: (1) the total amount you invested with DJE Texas and the amount you lost; (2) how the financial loss has affected your life — retirement plans, housing, family, health; (3) the emotional impact — stress, anxiety, loss of trust; (4) any other ways the fraud has affected your daily life or relationships. Be specific and honest. Judges give significant weight to victim impact statements when determining sentences.
Yes. Under 18 U.S.C. § 3771 (the Crime Victims' Rights Act), federal judges are required to consider victim impact statements at sentencing. The more statements the court receives — and the more specific they are about financial and personal harm — the stronger the case for a sentence at or above the Federal Sentencing Guidelines range. The Guidelines range for Elder's offense is estimated at 151–188 months (approximately 12.5–15.5 years).
Yes. Federal sentencing hearings are open to the public. The hearing is scheduled for the week of June 2, 2026 before Judge Fred Biery at the United States District Court for the Western District of Texas, 262 W. Nueva Street, San Antonio, TX 78207. You also have the right to speak at the sentencing hearing under the Crime Victims' Rights Act. Contact the U.S. Attorney's Office victim-witness coordinator for the Western District of Texas to register your intent to attend or speak.
Victim impact statements should be submitted as early as possible and no later than two weeks before the June 2, 2026 sentencing date. The U.S. Probation Office needs time to include your statement in the Presentence Investigation Report (PSR) that is provided to Judge Biery before sentencing. Late submissions may still be considered but should be submitted directly to the court.
02 — Restitution & Recovery
Restitution is money the court orders the defendant to pay directly to victims to compensate for their losses. In Elder's case, the plea agreement includes a money judgment of $66 million representing the outstanding principal owed to investors. Forfeiture is the government's seizure of assets derived from or used in the crime — in Elder's case, the 17 real properties, the helicopter, the jet, the ranch, and other assets. Forfeited assets are liquidated by the federal receiver and the proceeds are distributed to victims, but only after secured creditors, taxes, and receiver fees are paid.
There is no guaranteed timeline for restitution. Federal receiver Dan Kubinski (Crowned Eagle Realty LLC) is actively liquidating DJE Texas assets. As of April 2026, at least one property (345 W. Commerce Street — the Leeds Building) has been sold for $1.4 million on March 9, 2026. However, Elder had secretly taken a $1,828,313 loan from First Citizens Bank using the Leeds Building as collateral — giving the bank the first-lien position, not the investors as Elder had promised. After paying the First Citizens Bank lien, taxes, and receiver fees, no restitution has been returned to investors from that sale. The full restitution process typically takes 1–3 years after sentencing and depends on how much the remaining assets sell for and how much is owed to secured creditors.
The DJE Income Fund I was marketed beginning in January 2023 as a diversified commercial real estate fund promising a 'predictable 10% annualized return' with monthly distributions and liquidity options. Per the plea agreement (¶¶36–41, pp. 15–17), Elder's marketing materials contained multiple specific false representations: (1) that 80% of funds would be invested in land, multifamily, industrial, single-family, and performing notes; (2) that multifamily investments 'provide a strong income stream to investors in the Income Fund' — they provided none; (3) that 'land purchases include an interest reserve escrow at closing to ensure consistent distributions' — the alleged escrow was actually used for interest payments to investors in the land deals, not the Income Fund; and (4) that the fund held over $8 million in cash-flowing Texas land notes at 8–10% — those notes were pledged as collateral for a $5 million line of credit from Texas Partners Bank at 7.25%, making a 10% return to investors mathematically impossible. Elder also offered investors an extra percentage to roll over investments from other projects into the Income Fund, but this was a paper-only transaction — funds never actually moved into the Income Fund's bank account. Elder raised over $7.5 million in cash and rolled over $12.5 million from other failing projects into the Income Fund, all while knowing the fund could not produce the returns he had promised.
Four Texas ranch land projects collectively raised approximately $11 million from 143 victim-investors. Per the plea agreement (¶¶17–23, pp. 8–10), each was advertised as a 'cash deal' with 'no lenders,' a 12 or 18-month max hold period, and 10% annual interest. Elder falsely promised to invest $250,000–$350,000 of his own money per project ($1.2 million total). He never invested any of it. Investors wired funds to Eventide Land Holdings (ELH) accounts; Elder immediately transferred them to DJE Equity. Elder secretly took loans against Real Properties 9 (11 Kendall Venture — $1,855,000 from Jefferson Bank), 11 (500 Atascosa Venture), and 12 (453 Bee Venture) as collateral, using the proceeds for other unrelated projects. For Real Property 10 (160 Atascosa Venture), Elder did not invest the promised $250,000 of his own money.
Brooks Business Park Venture LLC (Real Property 1) was the only one of the eight DJE Texas industrial flex space projects where any construction was performed. Elder raised capital from investors with a promise to build industrial flex units on a 5.048-acre tract at 9342 Southeast Loop 410, San Antonio, and to repay investors by September 2024 after obtaining bank financing. On June 7, 2024, Elder obtained a $4,945,394 loan from Security State Bank (Deed of Trust, Doc# 20240103528, Bexar County Clerk) — nearly equal to the total investor contribution. Rather than repaying investors with the loan proceeds as promised, Elder kept the money. The property is now in foreclosure; the government has been unable to sell it for an amount sufficient to cover the liens against it. Per the plea agreement, Elder did not contribute any of his own money into any of the eight industrial flex projects, other than $300.00 in Real Property 1.
214 Gonzales Venture involved the purchase of 214 acres of ranch land near a major Texas city. Per the plea agreement (¶31, p. 12), Elder raised $1.75 million from 14 investors with a '12 month max hold period' and 10% annual interest. Elder falsely represented he would invest $200,000 of his own money. Investors wired funds to an Eventide Land Holdings (ELH) bank account; Elder transferred them to DJE Equity, then wired $1,696,835.03 to Capital Title of Texas on April 16, 2024 to purchase the 214 acres. Elder subsequently sold the land in smaller tracts but did not repay investors as promised and never invested any of his own money.
The Leeds Building (345 W. Commerce Street, San Antonio) was the subject of Real Property 13 — 345 Commerce Venture LLC. Per the plea agreement (¶¶26–29, pp. 11–12), Elder raised $1.2 million from 16 investors in August–September 2023. He falsely promised that DJE would co-invest $1,640,000 (total $2,840,000) to purchase and renovate the building, that investors would hold a 'first-lien position,' and that they would receive 10% annual interest plus 2% at exit within 24 months. DJE never invested $1,640,000. On March 20, 2024, Elder secretly took a $1,828,313 loan from First Citizens Bank using the property as collateral — 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. No improvements were ever made. The Leeds Building remained an abandoned structure with plywood covering all the windows. The federal receiver sold the building for $1.4 million on March 9, 2026, but after paying the bank lien, taxes, and fees, no restitution was returned to investors.
Recovery amounts are uncertain and will depend on the net proceeds from the federal receivership asset sales after paying secured creditors, taxes, and receiver fees. Given the extent of Elder's undisclosed bank loans — including a $4,945,394 Security State Bank loan and a $1,828,313 First Citizens Bank loan — secured creditors will be paid first. Investors should not expect full recovery. The $66 million money judgment represents the maximum theoretical recovery, but actual distributions will be significantly less.
A federal receiver is a court-appointed neutral party who takes control of a defendant's assets to preserve and liquidate them for the benefit of victims. In Elder's case, Dan Kubinski of Crowned Eagle Realty LLC was appointed as federal receiver. The receiver has the authority to sell real estate, liquidate personal property, and distribute proceeds to investors according to a court-approved distribution plan. Investors will be notified of distribution opportunities through the court process.
Yes. When the federal receiver establishes a distribution plan, investors will need to file a formal claim documenting their investment amount and losses. Watch for notices from the U.S. Attorney's Office for the Western District of Texas and the federal receiver. Submitting a victim impact statement now ensures the court has your contact information on file.
03 — The Plea Agreement
Devin Ward Elder pleaded guilty on February 17, 2026 to one count of Wire Fraud in violation of 18 U.S.C. § 1343, in the case United States v. Elder, No. 5:25-CR-01274-FB (W.D. Tex.). The charge carries a maximum sentence of 20 years in federal prison, a fine of up to $250,000, and up to 3 years of supervised release. Elder also agreed to a money judgment of $66 million representing the outstanding principal owed to defrauded investors.
Based on the plea agreement, the estimated Guidelines range is 151–188 months (approximately 12.5–15.5 years). This is calculated using a base offense level for wire fraud, enhanced for the amount of loss ($66 million), the number of victims (345), and Elder's role as an organizer/leader of the scheme. The actual sentence is at Judge Biery's discretion and may be above or below the Guidelines range.
Elder agreed to forfeit 14 real properties, the Robinson R44 helicopter (N244WB), the SOCATA TBM 700 private jet (N776RM), the Port Aransas beach house, Eventide Ranch, and other personal assets. The forfeiture is intended to compensate defrauded investors. A federal receiver, Dan Kubinski, is managing the liquidation of these assets.
As part of the plea agreement, Elder waived most of his appellate rights. He agreed not to appeal his conviction or sentence (except in limited circumstances such as ineffective assistance of counsel or a sentence above the statutory maximum). This means the guilty plea is final and the case will proceed directly to sentencing on June 2, 2026.
04 — DJE Texas & Ark40 Consulting
Ark40 Consulting (also written Ark 40 Consulting) is a business consulting firm that Devin Elder began promoting in late 2024 and early 2025 — while the DJE Texas fraud was ongoing and while he was under FBI investigation. Elder marketed Ark40 as a business consulting and coaching service, pivoting away from the DJE Texas real estate brand. The rebranding to Ark40 occurred as Elder halted investor distributions in March 2025.
Ark40 Consulting was promoted by Devin Elder, the same individual who pleaded guilty to federal wire fraud through DJE Texas Management Group. The timing of the Ark40 rebrand — beginning as Elder halted DJE Texas investor distributions and came under FBI investigation — is documented on this site. Investors and members of the public should exercise caution regarding any business dealings with entities connected to Devin Elder.
The case is prosecuted by the United States Attorney's Office for the Western District of Texas. Victim-witness coordinators can be reached at (210) 384-7100. The office is located at 601 N.W. Loop 410, Suite 600, San Antonio, TX 78216. You can also contact the FBI San Antonio Field Office at (210) 225-6741.
Step-by-step guide, DOJ resources, and downloadable forms.