A Dallas man was federally indicted on May 20, 2026, for his role in an alleged precious metals scam targeting elderly victims, announced United States Attorney for the Northern District of Texas Ryan Raybould.Damien Moran, 36, was indicted with ten counts of wire fraud. On June 17, 2026, he made his initial appearance before United States Magistrate Judge Brian McKay.According to the indictment, Moran allegedly owned and operated several companies that targeted elderly individuals to use their retirement savings to purchase precious metals, such as gold and silver coins, from his companies. However, as alleged in the indictment, Moran fraudulently sold the precious metals at significantly inflated prices without disclosing the markups to his customers. Additionally, as alleged in the indictment, Moran, on several occasions, failed to deliver the precious metals his customers had purchased.“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.”“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, Moran faces up to 20 years in federal prison for each wire fraud count.The FBI Dallas Field Office conducted the investigation. Assistant U.S. Attorney Marty Basu is prosecuting the case.An indictment is merely an allegation of criminal conduct, not evidence. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.