North Texas prosecutors accuse Dallas man of defrauding elderly investors through alleged precious metals scam

Dallas, Texas – A Dallas man is facing federal charges after prosecutors accused him of operating an alleged precious metals investment scheme that targeted elderly customers and misled them about the value of the products they purchased.

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 in connection with the alleged scheme.

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

An indictment contains allegations, and Moran is presumed innocent unless and until proven guilty in court.

Prosecutors allege seniors were misled into costly investments

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

Federal prosecutors claim that the metals were sold at prices that were significantly higher than their actual value without informing customers about the substantial markups. Authorities further allege that, in multiple cases, customers paid for precious metals that they never received.

Investigators believe the alleged scheme specifically focused on older adults, many of whom were investing retirement funds.

United States Attorney Ryan Raybould said his office remains committed to protecting seniors from financial fraud and pursuing those responsible for exploiting vulnerable victims.

“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 investigation was conducted by the FBI Dallas Field Office.

FBI Dallas Special Agent in Charge R. Joseph Rothrock urged people to carefully research 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 Moran is convicted, he faces up to 20 years in federal prison for each wire fraud count.

The case is being prosecuted by Assistant U.S. Attorney Marty Basu as the federal proceedings continue.