San Antonio CEO pleads guilty in $69.5M real estate Ponzi scheme

February 23, 2026 - 05:52

Devin Elder, the former CEO of a San Antonio real estate investment firm, has pleaded guilty to federal charges for running a massive Ponzi scheme that defrauded investors of approximately $69.5 million. The guilty plea was entered in a U.S. district court, where Elder now awaits sentencing.

Authorities detailed that Elder, through his company, solicited funds from hundreds of individuals by promising lucrative returns from short-term real estate loans and property flips. Instead of using the money for legitimate investments, Elder used new investor funds to pay fabricated returns to earlier investors, a classic hallmark of a Ponzi scheme. He also diverted millions of dollars for personal expenses, including luxury vehicles, gambling, and travel.

The scheme unraveled when Elder could no longer sustain the payments to investors. The collapse left numerous victims facing severe financial losses. Following his guilty plea to one count of conspiracy to commit wire fraud, Elder is now confronting a potential maximum sentence of 20 years in federal prison. A sentencing date will be set by the court at a later time. The case highlights the ongoing efforts by federal prosecutors to combat significant financial fraud targeting investors.