DALLAS, Texas. A Dallas man has been indicted by a federal grand jury on allegations that he defrauded elderly investors through a precious metals investment scheme, the U.S. Attorney's Office for the Northern District of Texas announced.
36-year-old Damien Moran was indicted on May 20, 2026, on 10 counts of wire fraud. He made his initial appearance in federal court on June 17 before U.S. Magistrate Judge Brian McKay.
According to the indictment, Moran owned and operated several companies that allegedly targeted elderly individuals and encouraged them to use their retirement savings to purchase precious metals, including gold and silver coins.
Federal prosecutors allege Moran fraudulently sold the precious metals at substantially inflated prices while failing to disclose the markups charged to customers.
The indictment also alleges that on multiple occasions Moran accepted payment from customers but failed to deliver the precious metals they had purchased.
U.S. Attorney Ryan Raybould said protecting senior citizens from financial fraud remains a priority for federal prosecutors.
"This office is committed to standing up and protecting seniors and elderly folks from scams," Raybould said. "If you have or plan to target seniors and elderly folks, we will find you, charge you, and seek stiff prison sentences."
FBI Dallas Special Agent in Charge R. Joseph Rothrock urged the public to thoroughly research investment opportunities and report suspected fraud to law enforcement.
If convicted, Moran faces up to 20 years in federal prison on each of the 10 wire fraud counts.
An indictment is a formal accusation. Moran is presumed innocent unless and until proven guilty in court.
The case was investigated by the FBI's Dallas Field Office and is being prosecuted by Assistant U.S. Attorney Marty Basu.
