CFTC charges commodity, crypto pool operator with $14M fraud
The CFTC sued Trevor Vernon and his North Carolina firm, Argent Capital Management, accusing them of running an unregistered commodity pool that mixed crypto trading with equity index futures and options and defrauded investors of more than $14 million. From March 2022 to February 2026, Vernon allegedly raised $14.8 million from at least 60 investors while falsely portraying himself as a successful trader. The CFTC says his trading in Bitcoin, Ether, futures, and options caused more than $8.6 million in losses, which he concealed from investors. It also alleges he used about $3 million to pay earlier investors in a Ponzi-like manner and spent $136,000 on private air travel. The agency charged Vernon with fraud, failure to register, and making false statements, and seeks a trading ban, disgorgement, penalties, and restitution.
