A Dallas, Texas, man has been federally indicted on charges alleging he orchestrated a fraudulent precious metals investment scheme that targeted elderly victims, convincing them to use retirement savings to purchase gold and silver at dramatically inflated prices while allegedly failing to deliver some of the products customers paid for.
According to the U.S. Attorney’s Office for the Northern District of Texas, Damien Moran, 36, was indicted on May 20, 2026, on 10 counts of wire fraud. Moran made his initial appearance before United States Magistrate Judge Brian McKay on June 17, 2026.
According to the indictment, Moran allegedly owned and operated several companies that marketed precious metals investments to elderly individuals, encouraging them to convert retirement savings into purchases of gold and silver coins.
Federal prosecutors allege that Moran sold the precious metals at substantially inflated prices without disclosing the significant markups charged to customers. Investigators also allege that, on multiple occasions, customers paid for precious metals that were never delivered.
Wire fraud charges commonly involve the use of interstate electronic communications—including telephone calls, emails, online transactions, or wire transfers—to carry out fraudulent schemes. Federal authorities frequently investigate these cases when victims span multiple jurisdictions or when interstate financial transactions are used to facilitate the alleged fraud.
Investment fraud targeting older adults continues to be a growing concern across the United States. Criminal schemes frequently exploit retirement savings by promoting investments that appear stable or resistant to economic uncertainty. Precious metals such as gold and silver are often marketed as “safe-haven” assets during periods of inflation or market volatility, making them attractive targets for fraud schemes aimed at retirees and other vulnerable investors.
Federal investigators encourage prospective investors to thoroughly research investment companies, independently verify pricing, understand all fees and commissions before making purchases, and exercise caution when pressured to make immediate financial decisions. Experts also recommend comparing prices among multiple dealers and confirming that purchased assets will be delivered or securely stored through reputable custodians.
If convicted, Moran faces up to 20 years in federal prison on each wire fraud count.
The investigation is being conducted by the Federal Bureau of Investigation’s Dallas Field Office.
The case is being prosecuted by Assistant U.S. Attorney Marty Basu.
The indictment was announced by U.S. Attorney Ryan Raybould for the Northern District of Texas and FBI Dallas Special Agent in Charge R. Joseph Rothrock.
The charges contained in the indictment are allegations only. Damien Moran is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
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“Investment fraud targeting older adults continues to be a growing concern across the United States.”
They are being targeted because many don’t understand what they are doing. I realize that many older adults don’t wish to include their kids in their financial decisions for various reasons. I almost feel like the children of these older adults need to let their parents know that they can spend a few minutes on the internet and figure out (particularly with gold and silver) if they are making a fair investment. I know it can be a sensitive subject but alerting older people to the fact that there are many out there working to take advantage of them because of their age might help them to listen.
I hope this man gets a fair trial and, if found guilty, I hope some of the money fraudulently taken can be returned.
Thank you for this article.
You’re very welcome, Chris.
Financial scams involving older adults are especially troubling because they often target people who have spent a lifetime building their savings. Unfortunately, many of these schemes are designed to create a false sense of urgency or trust, making it difficult to recognize the warning signs until significant financial damage has already been done. Continued public awareness and education remain some of the strongest tools available to help prevent these crimes.
As this case moves through the court system, the evidence will ultimately determine the outcome. Hopefully those who suffered financial losses will have an opportunity to recover at least a portion of what was taken.
Thank you again for reading the article and for taking the time to leave another thoughtful comment, Chris. I greatly appreciate it. I hope you have a great day. 😎
You’re welcome, John, and thank you for this reply. I, too, hope that those swindled out of finances will recover some of what was taken. I appreciate this article for the exact thing you note that is needed:
“Continued public awareness and education remain some of the strongest tools available to help prevent these crimes.” We need more articles like this one in all media.
Thank you again, John, and I hope you have a great evening!😊