With a federal land seizure warrant still pending and lawsuits from angry investors piling up, embattled San Antonio syndicator Devin Elder has a plan.
The former DJE Texas Management Group principal launched a venture called Ark 40 Consulting, according to web domain records and a biography page on Elder’s personal website, the San Antonio Business Journal reported.
The consulting firm claims to help nonprofits and small businesses streamline donor engagement and customer relationship systems.
“Like Noah’s Ark, we’re your trusted guide through the storm, ensuring you emerge stronger and more focused,” the firm’s website reads.
State records show Ark 40 is not yet registered as a legal business entity, but the website was created on July 3, just days after federal prosecutors disclosed they were seeking to seize over 1,000 acres of land tied to Elder’s DJE portfolio across six counties in South Texas.
The U.S. Attorney’s Office alleged DJE was used to commit wire fraud and launder money through real estate deals, as part of an FBI investigation that is under seal. Elder did not respond to the outlet’s request for comment.
The targeted land includes undeveloped parcels acquired in recent years during DJE’s pivot from multifamily syndication to rural acreage sales, as well as a vacant industrial property and the long-dormant Leeds Building in downtown San Antonio. Elder’s flagship redevelopment project, the historic Travis Building, also went into foreclosure this spring after DJE defaulted on an $18 million loan backed in part by PACE financing.
Elder stepped back from day-to-day operations earlier this year and hired Fort Worth-based Max Wayman & Associates to oversee a company wind-down and asset sale. Investors were told distributions would halt indefinitely.
It’s unclear whether Ark 40 will generate income for Elder or serve as a personal rebranding effort, but its emergence suggests he is already looking beyond DJE, even as the feds close in.
Though Elder is not named directly in the warrant filings, land records confirm he is the sole beneficiary of the DJE entities under investigation.
— Judah Duke
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