⏱ 2 min read
Damien Moran, a 36-year-old Dallas man, allegedly ran a precious metals scam targeting elderly individuals, using their retirement savings to purchase overpriced gold and silver coins. The scam, which took place in Dallas, Texas, involved Moran’s companies selling precious metals at significantly inflated prices without disclosing the markups to customers. In some cases, Moran failed to deliver the purchased metals. The alleged scam was uncovered on May 20, 2026, when Moran was federally indicted on ten counts of wire fraud.
According to the indictment, Moran’s companies specifically targeted elderly individuals, using their retirement savings to fund the purchase of precious metals. The FBI Dallas Field Office conducted the investigation, which led to Moran’s indictment. U.S. Attorney Ryan Raybould stated that his office is committed to protecting seniors and elderly folks from scams, and that those who target them will face stiff prison sentences.
Moran made his initial appearance before United States Magistrate Judge Brian McKay on June 17, 2026. If convicted, he faces up to 20 years in federal prison for each wire fraud count. The FBI encourages the public to thoroughly research any investment opportunity and to contact them immediately if they suspect fraud.
The investigation and prosecution of Moran’s alleged scam demonstrate the efforts of law enforcement to protect vulnerable members of the community. As U.S. Attorney Raybould stated, the indictment serves as a warning to those who would target seniors and elderly individuals: they will be found, charged, and prosecuted to the fullest extent of the law.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Texas
- Location: TX
- Source: DOJ Press Release
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