San Antonio investor admits to massive Ponzi scheme that defrauded hundreds

February 18, 2026 - 10:32

Devin Elder, a San Antonio-based investor, has admitted to orchestrating a massive Ponzi scheme that defrauded hundreds of victims out of millions of dollars. Elder entered a guilty plea to one count of wire fraud this week in federal court.

The scheme, which operated from 2016 through 2022, was marketed as a lucrative real estate investment opportunity. Elder promised investors high returns from the purported purchase, renovation, and sale of residential properties. Instead of using the funds as promised, authorities state Elder used new investor money to pay fake returns to earlier investors—the hallmark of a Ponzi scheme—while diverting millions for his own personal luxury expenses.

The elaborate fraud unraveled under investigation by the FBI and the Internal Revenue Service. Court documents reveal the scheme collapsed, leaving a trail of financial devastation for the hundreds of individuals who entrusted Elder with their savings.

Elder now awaits his sentencing hearing, scheduled for June 2. He faces a maximum penalty of 20 years in federal prison, along with potential restitution orders and substantial financial penalties. The case serves as a stark reminder for investors to exercise extreme diligence and verify the legitimacy of investment opportunities promising abnormally high or guaranteed returns.