Memorandum Opinion and Order–Page 1 

IN THE UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF TEXAS

DALLAS DIVISION

COMMODITY FUTURES TRADING § 

COMMISSION, §

 § 

Plaintiff, § 

 § 

v. § Civil Action No. 3:23-CV-2077-L 

 § 

DAMIEN MORAN; CROWN § Filed Ex Parte and Under Seal

BULLION, INC. (a Texas corporation); §

BRIGHT FUTURE FINANCIAL, LLC §

(a Florida limited liability company § 

d/b/a “Oakhurst Metals”); and § 

BRIGHT FUTURE FINANCIAL, LLC § 

(a California limited liability company § 

d/b/a “Oakhurst Metals”), §

 § 

Defendants. § 

MEMORANDUM OPINION AND ORDER

Before the court is Plaintiff’s Emergency Ex Parte Motion for Statutory Restraining Order 

(Doc. 3), filed September 18, 2023. Pursuant to Section 6c(a) of the Commodity Exchange Act 

(“CEA”), 7 U.S.C. § 13a-1, and in accordance with Federal Rule of Civil Procedure 65, Plaintiff 

Commodity Futures Trading Commission (“CFTC” or “Plaintiff”) requests that the court enter an 

ex parte statutory restraining order (“SRO”) against Damien Moran (“Mr. Moran”); Crown 

Bullion, Inc., a Texas corporation; Bright Future Financial, LLC, a Florida limited liability 

company d/b/a “Oakhurst Metals”; and Bright Future Financial, LLC, a California limited liability 

company d/b/a “Oakhurst Metals” that: (1) freezes Defendants’ assets, (2) gives the CFTC

immediate access to the books, records, and other documents of Defendants and the authority to

inspect and copy such records; (3) appoints a temporary receiver; and (4) authorizes expedited

discovery in advance of a preliminary injunction hearing. For the reasons herein explained, the 

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CFTC’s Motion is granted in part and denied in part to the extent set forth in this memorandum 

opinion and order.

I. Background

The CFTC brought this action on September 18, 2023, alleging that Defendants violated 

the CEA, 7 U.S.C. § 9(1) and 17 C.F.R. § 180.1(a)(1)-(3) as follows:

Defendant Damien Moran, individually, and Bright Future Florida, Bright 

Future California, and Crown Bullion operating together as a common enterprise, 

intentionally or recklessly, in connection with contracts of sale of commodities in 

interstate commerce,

Used or employed, or attempted to use or employ, a scheme or artifice to

defraud;

Made, or attempted to make untrue or misleading statements of material

fact, or omitted to state material facts necessary to make the statements

made not untrue or misleading; and/or

Engaged in, or attempted to engage in, acts, practices, or a course of

business that operated or would operate as a fraud or deceit on Defendants’

customers.

Pl.’s Compl. ¶ 64. According to the CFTC’s Complaint:

1. Defendants are defrauding victims in this district and throughout the country out of 

hard-earned retirement savings, stealing funds for what they deceptively pitch as a 

safe and secure way to invest their retirement savings in precious metals. From at 

least March 2018 and continuing through the present (“Relevant Period”), 

Defendants Damien Moran and the companies he controls or controlled, Crown 

Bullion Inc. (a Texas corporation), Bright Future Financial, LLC (a Florida limited 

liability company), and Bright Future Financial LLC (a California limited liability 

company) have engaged in, and continue to engage in, a scheme to defraud 

investors throughout the United States. During the Relevant Period, Defendants

received more than $7 million from over 100 mostly elderly and retirement-aged 

victims for the purpose of purchasing metal, and instead or procuring the promised 

metals, Defendants misappropriated most of those funds.

2. Defendants have targeted a vulnerable population of mostly elderly or retirementaged persons with little or no experience in precious metals investments. During 

the Relevant Period, Defendants pitched victims on the prospect of securing their 

retirement by purchasing gold and silver through “Bright Future Financial,”

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“Oakhurst Metals” and “Crown Bullion” in self-directed individual retirement 

accounts (“self-directed IRAs”). They continue to do so through Crown Bullion.

3. Defendants have misappropriated the majority of funds they received from victims, 

often fabricating invoices for metals transactions that did not occur. Defendants

transferred only about $1.8 million to precious metals suppliers out the 

approximately $7 million received from victims for the purpose of purchasing 

precious metals. Even when Defendants purchased metals for customers, they often 

did so at outrageously inflated prices, or fraudulently purchased less or different 

types of metals than agreed upon with their customers.

4. Defendant Damien Moran has sought to evade detection and perpetuate the scheme 

by, among other things, using fake names such as “Michael Gavyn” when soliciting

customers, and changing the business names and locations he uses to operate this 

fraudulent scheme. Defendants have also created and issued phony account 

statements, concocted explanations for missing metals or supposed “delays” in 

precious metals deliveries, and lied to victims about every aspect of their 

investments in face-to-face meetings, phone calls or emails.

Pl.’s Compl. ¶ 1-4. The CFTC further alleges that, to avoid detection, Defendants have “shifted 

the banks through which they receive funds during the course of their scheme,” and “[i]n their 

more than five years of operation, Defendants have opened multiple bank accounts on behalf of 

the Entity Defendants and three banks.” Id. ¶ 54. In addition to the allegations in its Complaint, 

the CFTC relies on declarations of victims and CFTC investigators. The CFTC’s counsel also 

submitted a sworn certification in support of the request for ex parte relief.

II. Injunctive Relief

The CEA authorizes the CFTC to bring a civil action to obtain a “a permanent or temporary 

injunction or restraining order . . . without bond” against any person or entity whenever it appears 

that such person or entity “has engaged, is engaging, or is about to engage in any act or practice 

constituting a violation of” any provision of the CEA or CFTC regulations. 7 U.S.C. § 13a-1. The 

CFTC may bring such an action “to enjoin such act or practice, or to enforce compliance with” the 

CEA or CFTC regulations:

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Provided, That no restraining order (other than a restraining order which prohibits 

any person from destroying, altering or disposing of, or refusing to permit authorized

representatives of the Commission to inspect, when and as requested, any books and 

records or other documents or which prohibits any person from withdrawing, 

transferring, removing, dissipating, or disposing of any funds, assets, or other 

property, and other than an order appointing a temporary receiver to administer such 

restraining order and to perform such other duties as the court may consider 

appropriate) or injunction for violation of the provisions of this chapter shall be 

issued ex parte by said court.

Id. When the CFTC seeks a statutory injunction, it “need not prove irreparable injury or the 

inadequacy of other remedies as required in private injunctive suits. A prima facie case of illegality 

is sufficient.” Commodity Futures Trading Comm’n v. Muller, 570 F.2d 1296, 1300 (5th Cir. 

1978). 

The CFTC has sufficiently alleged in its Complaint and shown by evidence, including the 

declarations from victims and CFTC investigators, that Defendants have systematically violated 

the CEA and have continued to engage in a fraudulent scheme over a period of several years 

involving the purported sale of precious metals to defraud unsuspecting investors out of their 

retirement savings. It is not clear to the court whether Federal Rule of Civil Procedure 65(b)*

applies to requests for injunctive relief under U.S.C. § 13a-1, given that a showing of irreparable 

injury is not required for relief under section 13a-1. Muller, 570 F.2d at 1300. As noted, counsel 

for the CFTC, however, has submitted a sworn certification in which he states that providing 

advance notice to Defendants of Plaintiff’s request for an ex parte SRO would pose a substantial 

* Federal Rule of Civil Procedure 65(b)(1) allows for issuance of an ex parte TRO without notice to the adverse party 

or its attorney if:

(A) specific facts in an affidavit or a verified complaint clearly show that immediate and irreparable 

injury, loss, or damage will result to the movant before the adverse party can be heard in opposition; 

and

(B) the movant’s attorney certifies in writing any efforts made to give notice and the reasons why it 

should not be required.

Fed. R. Civ. P. 65(b)(1)(A)-(B).

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and likely threat that they would dissipate or misappropriate any remaining funds in their 

possession, thereby depriving the victims of their scheme of any potential restitution, because 

Defendants have previously moved funds to various vendors and financial institutions, and they 

have changed the names of firms and websites that they use in perpetrating their fraudulent scheme

to avoid detection. Accordingly, the court determines that issuance of an ex parte temporary SRO 

is appropriate; however, because the SRO is temporary in nature, it will be limited to matters 

necessary to maintain the status quo until there has been a determination regarding Defendants’

liability for the alleged CEA violations.

III. Appointment of a Temporary Receiver

The CFTC asserts that Securities & Exchange Commission v. First Financial Group of 

Texas, 645 F.2d 429 (5th Cir. 1981) (“First Financial”), sets forth the appropriate standard for 

appointment of a temporary receiver in cases involving alleged violations of the CEA when an 

injunction is sought concurrently with such appointment. In First Financial, the court explained 

that “under the relevant securities laws, preliminary injunctive relief is appropriate upon a showing 

of “a reasonable likelihood that the defendant is engaged or about to engage in practices that violate 

the federal securities laws.” S.E.C. v. Barton, __ F.4th__, 2023 WL 5618997, at *3 (5th Cir. Aug. 

31, 2023) (emphasis added) (quoting First Fin. Grp., 645 F.2d at 434). The court was unable to 

find any authority applying this standard for appointment of receivers to cases involving the CEA. 

Courts, however, “have looked to securities laws when called upon to interpret similar provisions 

of the CEA” that apply to commodities. Commodity Futures Trading Comm’n v. Gorman, No. 21 

CIV. 870 (VM), 2023 WL 2632111, at *4-5 n.5 (S.D.N.Y. Mar. 24, 2023) (quoting Loginovskaya 

v. Batratchenko, 764 F.3d 266, 272 (2d Cir. 2014)). 

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Regardless, section 13a-1 provides for appointment of a receiver “to administer such 

restraining order and to perform such other duties as the court may consider appropriate,” 7 U.S.C. 

§ 13a-1, and the court determines that the temporary appointment of a receiver here is necessary 

to maintain the status quo to protect defrauded investors by prohibiting or preventing Defendants 

from “destroying, altering or disposing of, or refusing to permit authorized representatives of the 

Commission to inspect, when and as requested, any books and records or other documents or which

prohibits any person from withdrawing, transferring, removing, dissipating, or disposing of any 

funds, assets, or other property,” and no less drastic remedy is available to accomplish this. 7 

U.S.C. § 13a-1.

On the other hand, the court does not believe that it is necessary at this time, before there 

has been a finding as to Defendants’ liability, for any temporary receiver to participate in new 

actions “to increase the value” of any receivership assets; to “investigate and determine victims’

claims”; determine unlawful proceeds retained by Defendants and amounts due to victims as a 

result of Defendants’ alleged violations”; or to “distribute funds to victims harmed” as indicated 

in Plaintiff’s proposed order. The focus, instead, should be on maintaining the status quo and 

preservation of any receivership assets as set forth in § 13a-1. The court, therefore, will revise 

Plaintiff’s proposed order accordingly to limit the role of a temporary receiver to maintaining the 

status quo pending any determination regarding Defendants’ liability for the alleged CEA 

violations.

IV. Expedited Discovery

Plaintiff requests expedited discovery, pursuant to Federal Rule of Civil Procedure 26(d),

in advance of a preliminary injunction hearing. Plaintiff asserts that expedited discovery:

is necessary and appropriate to locate and secure Defendants’ and investors’ funds,

and further investigate the extent of Defendants fraudulent scheme. More 

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specifically, Plaintiff seek[s] the ability to take depositions of parties and nonparties subject to two calendar days’ notice pursuant to Fed. R. Civ. P. 30(a) and

45, with notice given personally, by facsimile or by electronic mail, and, if 

necessary, the deposition may last more than seven hours. Such expedited discovery 

will allow the Plaintiff to determine the full extent of Defendants’ wrongdoing 

(including, but not limited to, the possible involvement of others), locate other 

investors, identify Defendants’ funds, assets and other property, and clarify the 

sources of funds, assets, and other property in advance of a preliminary injunction 

upon the expiration of the Proposed SRO.

Pl.’s Mot. Br. 22.

A party generally may not seek discovery prior to the Rule 26(f) conference. Fed. R. Civ. 

P. 26(d)(1). The Fifth Circuit has not identified a standard for determining whether discovery 

should be expedited. A number of federal district courts, however, have adopted a good cause

standard. See Cook v. City of Dallas, 2012 WL 13191445, at *2 (N.D. Tex. Nov. 9, 2012) (citing 

St. Louis Grp., Inc. v. Metals & Additives Corp., 275 F.R.D. 236, 239 (S.D. Tex. 2011) (citing 

cases)). To determine whether good cause exists, courts consider the following factors: “(1) 

whether a preliminary injunction is pending; (2) the breadth of the discovery requests; (3) the 

purpose for requesting the expedited discovery; (4) the burden on the defendants to comply with 

the requests; and (5) how far in advance of the typical discovery process the request was made.”

St. Louis Grp., 275 F.R.D. at 239 n.4 (citations omitted). The party seeking the accelerated 

discovery has the burden to show good cause exists. Id. at 240. Requests for expedited discovery 

are generally denied unless they are “narrowly tailored in scope.” Id. 

While a pending preliminary injunction application can in appropriate circumstances 

“provide a basis for good cause, it does not constitute per se good cause.” Northstar Offshore 

Ventures, LLC v. Tana Expl. Co. LLC, No. 3:18-CV-2025-N, 2018 WL 3970616, at *7 (N.D. Tex. 

Aug. 20, 2018) (citing Philadelphia Newspapers, Inc. v. Gannett Satellite Info. Network, Inc., No. 

98-CV-2782, 1998 WL 404820, at *1-2 (E.D. Pa. July 15, 1998) (denying a motion for expedited 

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discovery despite a pending preliminary injunction hearing because the movant’s requests were 

overly broad)). Courts, however, “have granted expedited discovery requests when there is some 

showing of irreparable harm that can be addressed by limited, expedited discovery.” St. Louis Grp., 

275 F.R.D. at 240-41. In St. Louis Group, the district court identified the following cases in which 

courts determined that expedited discovery was appropriate on this basis:

See, e.g., JP Morgan Chase Bank, N.A. v. Reijtenbagh, 615 F. Supp. 2d 278, 282-

83 (S.D.N.Y.2009) (granting expedited discovery to plaintiffs to determine the 

location of missing art pledged as collateral for $50 million promissory note); 

Monsanto [Co. v. Woods, 250 F.R.D. 411, 413 (E.D. Mo. 2008)] (allowing limited 

discovery to minimize the risk of loss or destruction of the physical evidence of 

infringement); Stern v. Cosby, 246 F.R.D. 453, 457-57 (S.D.N.Y. 2007) (allowing 

expedited discovery to determine whether defendant was interfering with fact 

witnesses and attempting to obstruct justice in that case); Ayyash [v. Bank Al–

Madina, 233 F.R.D. 325, 326-27 (S.D.N.Y. 2005) (allowing expedited discovery 

on third-parties to locate assets in the United States relating to foreign defendants 

who had the incentive to hide those assets); Pod-Ners, LLC v. N. Feed & Bean of 

Lucerne Ltd. Liab. Co., 204 F.R.D. 675, 676 (D. Colo. 2002) (allowing limited 

discovery in infringement action where bean plant variety at issue is a commodity 

subject to sale and consumption and might not be available for inspection at a later 

date); McMann v. Doe, 460 F. Supp. 2d 259, 265-66 (D. Mass. 2006) (allowing 

expedited discovery on basis that showing of irreparable harm had been made 

because plaintiff could receive no remedy without knowing defendant John Doe's 

true name).

St. Louis Grp., 275 F.R.D. at 240-41.

Some of the matters for which Plaintiff seeks discovery do not appear to be probative of the

issues that will need to be addressed at a preliminary injunction hearing—Plaintiff’s stated reason 

for needing expedited discovery. Discovery regarding the “full extent of Defendants’ wrongdoing”

and “further investigat[ion]” regarding “the extent of Defendants’ fraudulent scheme” is not 

necessary for this purpose and can be handled through the normal discovery process. Based on the 

reasoning in the cases discussed above, however, the court will permit Plaintiff to conduct limit 

expedited discovery in the form of a deposition for purposes of identifying the location of 

Defendants’ assets. The court has concern regarding the CFTC’s request to provide Defendants 

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with only two-days’ notice of a deposition. Accordingly, any notice provided to Defendants must 

be given at least four days in advance of a deposition, which must not exceed seven hours in 

length. Plaintiff’s request for expedited discovery is granted in part and denied in part. 

V. Conclusion and Temporary Restraining Order

For the reasons stated, the CFTC’s Motion is granted and denied in part. Specifically, 

the CFTC’s request for an ex parte temporary SRO, appointment of a temporary receiver, and 

expedited discovery is granted to the extent set forth in this memorandum opinion and order. 

Accordingly, the court enters this ex parte temporary SRO and order appointing a temporary 

receiver as follows (“Order”): 

DEFINITIONS

For purposes of this Order, the following definitions apply: 

1. The term “assets” encompasses any legal or equitable interest in, right to, or claim 

to, any real or personal property, whether individually or jointly, directly or indirectly controlled, 

and wherever located, including but not limited to: chattels, goods, instruments, equipment, 

fixtures, general intangibles, effects, leaseholds mail or other deliveries, inventory, checks, notes, 

accounts (including, but not limited to, bank accounts and accounts at other financial institutions), 

credits, receivables, lines of credit, contracts (including spot, futures, options, or swaps contracts), 

insurance policies, and all funds, wherever located, whether in the United States or outside the 

United States. 

2. The term “record” encompasses the terms “document” and “electronically stored 

information” as those terms are used in Fed. R. Civ. P. 34(a), and includes, but are not limited to, 

all writings, graphs, charts, photographs, sound recordings, images, and other data or other data 

compilations–stored in any medium from which information can be obtained or translated, if 

necessary, into reasonable usable form. The term “record” also refers to each and every such item 

in Defendants’ actual or constructive possession, including but not limited to: (i) all such items 

within the custody or control of any agents, employers, employees, or partners of the Defendants, 

and (ii) all items which Defendants have a legal or equitable right to obtain from another person. 

A draft or non-identical copy is a separate item within the meaning of the term. Records also 

include the file and folder tabs associated with each original and copy. 

3. The term “Defendants” refers to Damien Moran, Crown Bullion, Inc. (a Texas 

corporation d/b/a “Kenwood Capital”), Bright Future Financial, LLC (a Florida limited liability 

company d/b/a “Oakhurst Metals”), and Bright Future Financial, LLC (a California limited 

liability company d/b/a “Oakhurst Metals”).

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RELIEF GRANTED

IT IS ORDERED THAT:

I. Asset Freeze Order Prohibiting the Withdrawal, Transfer, Removal, Dissipation, 

and Disposal of Assets 

4. Defendants are immediately restrained and enjoined, except as otherwise ordered 

by this court, from directly or indirectly withdrawing, transferring, removing, dissipating, or 

otherwise disposing of any assets, wherever located, including Defendants’ assets held outside the 

United States, except as provided otherwise in Sections IV, V, and VI of this Order, or as otherwise 

ordered by the court; 

5. Notwithstanding the provisions of this Section I, at the request of the Temporary 

Receiver, Defendants and any other person who has possession, custody, or control of any of 

Defendants’ assets shall transfer possession of all funds, assets or other property subject to this 

Order to the Temporary Receiver in accordance with Sections IV, V and VI of this Order.

6. The assets affected by this Order shall include existing assets as well as assets 

acquired after the effective date of this Order.

II. Maintenance of and Access to All Records That Relate to Defendants’ Business 

Activities and Business and Personal Finances

7. Defendants are restrained from directly or indirectly destroying, altering, or 

disposing of, in any manner, any records that relate or refer to the business activities or business 

or personal finances of Defendants. 

8. Representatives of the CFTC shall be immediately allowed to inspect any records 

relating or referring to the business activities or business or personal finances of the Defendants 

including, but not limited to, both hard-copy documents and electronically stored information, 

wherever they may be situated and whether they are in the possession of the Defendants or others. 

To ensure preservation and facilitate meaningful inspection and review of records, Defendants 

shall allow representatives of the CFTC to make copies of any records, and if on-site copying of 

records is not practicable, representatives of the CFTC may make such copies off-site. The CFTC 

shall promptly return the original records after any such off-site copying.

9. To further facilitate meaningful inspection and review, Defendants shall, absent a 

valid assertion of their rights against self-incrimination under the Fifth Amendment, promptly 

provide CFTC staff with:

a. the location of all records relating or referring to the business activities and business 

and personal finances of Defendants; and 

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b. all identification numbers and other identifying information for websites, cloud 

storage services, email and smartphone accounts, and all accounts at any bank, 

financial institution, or brokerage firm (including any introducing broker or futures 

commission merchant) owned, controlled or operated by Defendants or to which 

Defendants have access; and 

c. all passwords to, and the location, make and model of, all computers and/or mobile 

electronic devices owned and/or used by Defendants in connection with their

business activities and business and personal finances. 

10. When inspecting records that are subject to this Order, including those contained 

on computers and/or other electronic devices, the CFTC should undertake reasonable measures to 

prevent review of the Defendants’ privileged communications and/or other nonbusiness, 

nonfinancial materials by the CFTC’s attorneys and other staff who are part of the litigation team 

in this matter. Moreover, Defendants (or their counsel) shall promptly contact counsel for the 

CFTC to assert any claims of privilege (or other legal objections) relating to the contents of any

records that are subject to this Order and promptly cooperate with counsel for the CFTC to develop 

reasonable protocols to isolate and prevent disclosure of claimed privileged and/or other 

nonbusiness, nonfinancial materials to the CFTC’s attorneys and other staff who are part of the 

litigation team in this matter. Nothing herein, however, shall excuse Defendants from full and 

immediate compliance with this court’s Order permitting the CFTC to inspect the records which 

relate to Defendants’ business activities and their business and personal finances.

III. Notice to Financial Institutions and Othersthat Hold or Control Assets or Records 

of Defendants 

11. To ensure the effectiveness of the asset freeze and pending further Order of this 

court, any financial or brokerage institution, business entity, or person that receives actual notice 

of this Order and holds, controls, or maintains custody of any assets of Defendants shall not, in 

active concert or participation with Defendants, permit Defendants or other persons to withdraw, 

transfer, remove, dissipate, or otherwise dispose of any of Defendants’ assets, except as directed 

by further order of the court; and

12. Any financial or brokerage institution, business entity, or person that receives 

notice of this Order by personal service or otherwise shall not, in active concert or participation 

with Defendants directly or indirectly destroy, alter, or dispose of, in any manner, any records 

relating to the business activities and business and personal finances of Defendants.

13. Furthermore, any such financial or brokerage institution, business entity, or person 

that receives actual notice of this Order and holds, controls, or maintains custody of any account

or assets, titled in the name of, held for the benefit of, or otherwise under the control of Defendants, 

or has held, controlled, or maintained custody of any such asset, of Defendants at any time since 

March 2018, shall not, in active concert or participation with Defendants, deny a request by the 

CFTC to inspect all records pertaining to any account or asset owned, controlled, managed, or held 

by, on behalf of, or for the benefit of Defendants, including, but not limited to, originals or copies 

of account applications, account statements, signature cards, checks, drafts, deposit tickets, 

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transfers to and from the accounts, all other debit and credit instruments or slips, currency 

transaction reports, 1099 forms, and safe deposit box logs. As an alternative to allowing inspection 

of records, a financial or brokerage institution, business entity or other person may provide copies 

of records requested by the CFTC. 

14. Furthermore, any such financial or brokerage institution, business entity, or person 

that receives actual notice of this Order shall: 

a. Within ten business days of a request by the Temporary Receiver, or such longer 

period specified by the Temporary Receiver, provide the Temporary Receiver with 

copies of all records pertaining to any account or asset owned, controlled, managed, 

or held by, on behalf of, or for the benefit of Defendants, either individually or 

jointly, including, but not limited to, originals or copies of account applications, 

account statements, signature cards, checks, drafts, deposit tickets, transfers to and 

from the accounts, all other debit and credit instruments or slips, currency 

transaction reports, 1099 forms, and safe deposit box logs; and

b. Cooperate with all reasonable requests of the Temporary Receiver relating to 

implementation of this Order, including transferring Defendants’ assets, at the 

Temporary Receiver’s direction, and producing Records related to business activities 

or business or personal finances of Defendants to the Temporary Receiver.

IV. Order Appointing Temporary Receiver

15. Kelly Crawford of the firm Scheef & Stone LLP is appointed Temporary Receiver 

with the full powers of an equity receiver for Defendants, and of all records, and all funds, 

properties, premises, accounts, income, now or hereafter due or owing to the Defendants, and other 

assets directly or indirectly owned, beneficially or otherwise, by the Defendants, (hereinafter, the 

“Receivership Estate”). The Temporary Receiver shall be the agent of this court in acting as 

Temporary Receiver under this Order. 

16. The Temporary Receiver is directed and authorized to accomplish the following:

a. Assume full control of the Receivership Estate by removing Mr. Moran, and any 

officer, independent contractor, employee, or agent of the Defendants, from control 

and management of the affairs of the Receivership Estate as the Temporary Receiver 

deems appropriate; 

b. Take exclusive custody, control, and possession of the Receivership Estate, which 

includes but is not limited to complete authority to sue for, collect, receive, and take 

possession of all goods, chattels, rights, credits, money, effects, land, leases, books, 

records, work papers, and records of accounts, including electronically-stored 

information, contracts, financial records, funds on hand in banks and other financial 

institutions, and other papers and records of the Defendants and customers or clients 

of any of Defendants’ business activities whose interests are now held by, or under 

the direction, possession, custody, or control of, the Defendants;

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c. Take exclusive custody, control, and possession of all websites, cloud storage 

services, email, and smartphone accounts, and all accounts at any bank, financial 

institution, or brokerage firm (including any introducing broker or futures 

commission merchant) controlled or operated by or to which the Defendants have 

access in connection with their business activities and business and personal finances;

d. Take all steps necessary to secure the business and other premises under the control 

of the Defendants;

e. Perform all acts necessary, including the suspension of operations, to conserve, hold, 

manage, and preserve the value of the Receivership Estate in order to prevent 

irreparable loss, damage, or injury to investors in any investment opportunity 

operated by Defendants;

f. Prevent the withdrawal or misapplication of the assets of the Receivership Estate and 

otherwise protect the interests of investors in any investment opportunity operated by 

Defendants; 

g. Manage and administer the Receivership Estate by performing all acts incidental 

thereto that the Temporary Receiver deems appropriate, including hiring or 

dismissing any and all personnel, suspending operations, and/or entering into 

agreements, including but not limited to: (1) the retention and employment of 

investigators, attorneys, or accountants, appraisers, and other independent contractors 

and technical specialists of the Temporary Receiver’s choice, including without 

limitation members and employees of the Temporary Receiver’s firm, to assist, 

advise, and represent the Temporary Receiver; and (2) the movement and storage of 

any equipment, furniture, records, files, or other physical property of the Defendants;

h. Collect all funds owed to the Defendants;

i. Initiate, defend, compromise, adjust, intervene in, dispose of, or become a party to 

any actions or proceedings in state, federal, or foreign court that the Temporary 

Receiver deems necessary and advisable to preserve the value of the assets; 

j. Issue subpoenas to obtain records pertaining to the Receivership and conduct 

discovery in this action on behalf of the Receivership Estate;

k. Open one or more bank accounts and deposit all funds of the Receivership Estate in 

such designated accounts and make all payments and disbursements from the 

Receivership Estate from such accounts; 

l. Make payments and disbursements from the Receivership Estate that are necessary 

or advisable for carrying out the directions of, or exercising the authority granted by, 

this Order, provided that the Temporary Receiver shall apply to the court for prior 

approval of any payment of any debt or obligation incurred by the Defendants prior 

to the date of entry of this Order, except for payments that the Temporary Receiver 

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deems necessary or advisable to secure the Receivership Estate from immediate and 

irreparable loss;

m. Maintain written accounts itemizing receipts and expenditures, describing properties 

held or managed, and naming the depositories holding funds or other assets of the 

Receivership Estate; make such written accounts and supporting documentation 

available to the CFTC for inspection; and, within sixty days of being appointed and 

periodically thereafter, as directed by the court, file with the court and serve on the 

parties a report summarizing efforts to marshal and collect assets, administer the 

Receivership Estate, and otherwise perform the duties mandated by this Order; and

n. Provide the CFTC with a full accounting of all Defendants’ funds, documents, and 

assets, including those outside of the United States from March 2018 to the date of 

the Order. 

V. Transfer of Funds and Records to the Temporary Receiver

17. Absent a valid assertion by Defendants of their respective rights against selfincrimination under the Fifth Amendment, Defendants shall, within five business days following 

the service of this Order:

a. Transfer to the territory of the United States and deliver to possession, custody, and 

control of the Temporary Receiver, all assets of the Receivership Estate (other than 

real property) and books and records of the Receivership Estate, located outside of 

the United States that are held by Defendants, for their benefit, or under their direct 

or indirect control, whether jointly or singly. 

b. Provide the Temporary Receiver access to all records of the Receivership Estate and 

all assets of the Receivership Estate held by any financial or brokerage institution, 

business entity, or other person that receives actual notice of this Order by personal 

service or otherwise, located within or outside the territorial United States by signing 

any necessary consent forms.

VI. Turning Over Assets and Records to the Temporary Receiver

18. Upon service of this Order, and absent a valid assertion by Defendants of their 

respective rights against self-incrimination under the Fifth Amendment, Defendants and any 

agents, employees, or partners of the Defendants who are served with a copy of this Order, shall 

immediately or within such time as permitted by the Temporary Receiver in writing, deliver over 

to the Temporary Receiver:

a. Possession and custody of all assets of the Receivership Estate, owned beneficially 

or otherwise, wherever situated;

b. Possession and custody of all records of the Receivership Estate in connection with 

their business activities and business and personal finances, including but not limited 

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Memorandum Opinion and Order–Page 15

to, all records of accounts, all financial and accounting records, balance sheets, 

income statements, bank records (including monthly statements, canceled checks, 

records of wire transfers, and check registers); investor lists, title documents, and 

other records of the Defendants;

c. Possession and custody of all assets belonging to members of the public now held by 

the Defendants; 

d. All keys, passwords, entry codes, and combinations to locks necessary to gain or to 

secure access to any of the assets or records of the Defendants related to their business 

activities and business and personal finances, including, but not limited to, access to 

the Defendants’ business premises, means of communication, accounts, computer 

systems, mobile electronic devices, or other property; and

e. Information identifying the accounts, employees, properties, or other assets or 

obligations of the Defendants.

VII. Directive to Cooperate with Temporary Receiver

 

19. Absent a valid assertion of their respective rights against self-incrimination under 

the Fifth Amendment, Defendants and all other persons or entities served with a copy of this order 

shall cooperate fully with and assist the Temporary Receiver. This cooperation and assistance 

shall include, but not be limited to, providing any information to the Temporary Receiver that the 

Temporary Receiver deems necessary to exercising the authority as provided in this Order; 

providing any password required to access any computer or electronic files in any medium; and 

discharging the responsibilities of the Temporary Receiver under this Order, and advising all 

persons who owe debts to the Defendants that all debts should be paid directly to the Temporary 

Receiver.

VIII. Stay on Actions Against Defendants

IT IS FURTHER ORDERED THAT:

20. Except by leave of the court, during the pendency of the receivership ordered 

herein, Defendants and all other persons and entities shall be and hereby are stayed from taking 

any action to establish or enforce any claim, right, or interest for, against, on behalf of, in, or in 

the name of the Defendants, the Temporary Receiver, assets of the Receivership Estate, or the 

Receiver’s duly authorized agents acting in their capacities as such, including but not limited to, 

the following actions:

a. Petitioning, or assisting in the filing of a petition, that would cause the Defendants to 

be placed in bankruptcy;

b. Commencing, prosecuting, litigating or enforcing any suit or proceeding against any 

of the Defendants, except that such actions may be filed to toll any applicable statute 

of limitations;

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c. Commencing, prosecuting, continuing, or entering any suit or proceeding in the name 

or on behalf of any of the Defendants, or any of their subsidiaries or affiliates;

d. Accelerating the due date of any obligation or claimed obligation, enforcing any lien 

upon, or taking or attempting to take possession of, or retaining possession of, 

property of the Defendants, or any property claimed by any of them, or attempting to 

foreclose, forfeit, alter, or terminate any of the Defendants’ interests in property, 

including without limitation, the establishment, granting, or perfection of any security 

interest, whether such acts are part of a judicial proceeding or otherwise; 

e. Using self-help or executing or issuing, or causing the execution or issuance of any 

court attachment, subpoena, replevin, execution or other process for the purpose of 

impounding or taking possession of or interfering with, or creating or enforcing a lien 

upon any property, wherever located, owned by or in the possession of the 

Defendants or the Temporary Receiver, or any agent of the Temporary Receiver; and

f. Doing any act or thing to interfere with the Temporary Receiver taking control, 

possession, or management of the property subject to the Receivership Estate, or to 

in any way interfere with the Temporary Receiver or to harass or interfere with the 

duties of the Temporary Receiver, or to interfere in any manner with the exclusive 

jurisdiction of this [c]ourt over the property and assets of the Defendants.

Provided, however, that nothing in this section shall prohibit any federal or state law 

enforcement or regulatory authority from commencing or prosecuting an action against the 

Defendants. 

IX. Compensation for Temporary Receiver and Personnel Hired by the Temporary 

Receiver 

21. The Temporary Receiver and all personnel hired by the Temporary Receiver as 

herein authorized, including counsel to the Temporary Receiver, are entitled to reasonable 

compensation, to be paid solely from the assets of the Receivership Estate, for the performance of 

duties pursuant to this Order and for the cost of actual out-of-pocket expenses incurred by them 

for those services authorized by this Order that when rendered were (1) reasonably likely to benefit 

the Receivership Estate or (2) necessary to the administration of the estate. The Temporary 

Receiver and all personnel hired by the Temporary Receiver shall not be compensated or 

reimbursed by, or otherwise entitled to, any funds from the court, or the CFTC. The Temporary 

Receiver shall file with the court and serve on the parties periodic requests for the payment of such 

reasonable compensation, with the first such request filed no more than sixty (60) days after the 

date of this Order and subsequent requests filed quarterly thereafter. The requests for 

compensation shall itemize the time and nature of services rendered by the Temporary Receiver 

and all personnel hired by the Temporary Receiver. 

X. Persons Bound by This Order

22. This Order is binding on any person who receives actual notice of this Order by 

personal service or otherwise and is acting in the capacity of an officer, agent, servant, employee, 

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Memorandum Opinion and Order–Page 17

or attorney of Defendants or is in active concert or participation with the Defendants.

XI. Bond Not Required of Plaintiffs or the Temporary Receiver

23. Plaintiff CFTC has made a proper showing under 7 U.S.C. §13a-1(b) and they are 

not required to post any bond in connection with this Order. The Temporary Receiver similarly is 

not required to post bond.

XII. Service of Order 

24. Copies of this Order may be served by any means, including via email or facsimile 

transmission, upon any financial institution or other entity or person that may have possession, 

custody, or control of any records or assets of Defendants or that may be subject to any provision 

of this Order.

XIII. Service on the CFTC

25. Defendants shall comply with all electronic filing rules and requirements of the 

U.S. District Court for the Northern District of Texas and shall serve all pleadings, correspondence, 

notices required by this Order, and other materials on the CFTC by delivering a copy to Carlin 

Metzger (cmetzger@cftc.gov), Sincere Belton (sbelton@cftc.gov), David Terrell 

(dterrell@cftc.gov), and Scott Williamson (swilliamson@cftc.gov), attorneys for the Commodity 

Futures Trading Commission, Ralph Metcalfe Federal Building, 77 W. Jackson Blvd., Suite 800, 

Chicago, Illinois 60604, by electronic filing, e-mail, personal delivery or courier service (such as 

Federal Express or United Parcel Service) and not by regular mail due to potential delay.

XIV. Hearing on Preliminary Injunction and Granting of Expedited Discovery

26. A hearing shall be held to determine whether the ex parte temporary SRO entered 

by the court should be converted into a preliminary injunction enjoining Defendants during the 

course of this litigation. Such hearing will be held before the United States District Court for the 

Northern District of Texas in that branch thereof presided over by Judge Sam A. Lindsay in his 

courtroom in the U.S. Federal Building and Courthouse, 1100 Commerce Street, Dallas, Texas 

75242, at Room 1546 on Tuesday, October 3, 2023, at 2 p.m. Mr. Moran may represent himself

in this matter if he chooses to do so; however, the business entity Defendants must retain and be 

represented by counsel. Any motion by Plaintiff for a preliminary injunction must be filed by 

Wednesday, September 27, 2023, at 12:00 p.m. Any response by Defendants must be filed by 

Friday, September 29, 2023, by 5:00 p.m. Any reply by Plaintiff must be filed by Monday,

October 2, 2023, at 12:00 p.m. To facilitate the resolution of any such motion, all briefing by the 

parties must comply with this District’s Local Civil Rules, including Local Rule 7.2. All briefs 

must be supported by citations to applicable legal authority and evidence and must not exceed 25 

pages, exclusive of cover and signature pages, and pages for table of contents and table of 

authorities.

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XV. Force and Effect

This Order shall expire on October 4, 2023, unless extended by the court for good cause 

shown for a like period of time, or Defendants consent to a longer extension. The court retains 

jurisdiction for purposes of enforcing this Order during the course of this litigation.

It is so ordered this 20th day of September, 2023, at 10:05 a.m.

_________________________________

Sam A. Lindsay

United States District Judge

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