DOJ v. Devin Ward Elder

Devin Ward Elder allegedly conducted a $69.5 million fraud scheme. According to the DOJ, from January 2023 to March 2025, Elder fraudulently raised more than $69.5 million from approximately 345 investor victims that participated in 17 real estate investments. Elder induced his victims to invest with him and made a series of material misrepresentations promising high returns with low risk. Elder promised that he would “co-invest” his own money. Additionally, in classic Ponzi fashion, Elder made interest payments to investors of one project using investor funds from other projects without disclosing the nature or source of those interest payments.

Summary generated from official Department of Justice press release