Dallas man indicted on federal wire fraud charges in alleged precious metals scheme targeting elderly investors

Dallas, Texas – A Dallas man has been federally indicted on allegations that he operated a precious metals investment scheme that targeted elderly victims and improperly profited from their retirement savings.

United States Attorney for the Northern District of Texas Ryan Raybould announced that Damien Moran, 36, was indicted by a federal grand jury on May 20, 2026. Moran faces 10 counts of wire fraud connected to the alleged scam.

Court records show Moran made his initial appearance before United States Magistrate Judge Brian McKay on June 17, 2026.

Prosecutors allege elderly investors were misled

According to the indictment, Moran allegedly owned and operated several companies that encouraged older adults to use money from their retirement accounts to purchase precious metals, including gold and silver coins.

Federal prosecutors allege that Moran sold the metals at significantly inflated prices while failing to disclose the large markups charged to customers. Investigators also claim that, in several instances, customers paid for precious metals that were never delivered.

The indictment outlines allegations only, and Moran is presumed innocent unless proven guilty in court.

U.S. Attorney Ryan Raybould said his office is committed to pursuing cases involving fraud against older Americans.

“This office is committed to standing up and protecting seniors and elderly folks from scams,” said U.S. Attorney Ryan Raybould. “Those in North Texas should read this indictment as a sign of things to come. If you have or plan to target seniors and elderly folks, we will find you, charge you, and seek stiff prison sentences.”

The FBI Dallas Field Office investigated the case.

FBI Dallas Special Agent in Charge R. Joseph Rothrock encouraged people to carefully evaluate investment opportunities before committing their money.

“This indictment demonstrates the lengths to which some criminals will go to defraud vulnerable members of our communities,” said FBI Dallas Special Agent in Charge R. Joseph Rothrock. “The FBI encourages the public to thoroughly research any investment opportunity and to contact us immediately if they suspect fraud.”

If convicted on the wire fraud charges, Moran faces a maximum sentence of up to 20 years in federal prison for each count.

The case is being prosecuted by Assistant U.S. Attorney Marty Basu.