CFTC Alleges $14 Million Ponzi-Like Fraud at Commodity Pool Operator Argent Capital Management

According to a complaint filed in U.S. District Court for the Western District of North Carolina, the Commodity Futures Trading Commission has accused Trevor L. Vernon and his company, Argent Capital Management LLC, of orchestrating a $14 million investment fraud from March 2022 to February 2026. The CFTC alleges Vernon raised more than $14 million from at least 60 investors by promoting a fraudulent commodity pool purportedly trading equity index futures, options on futures and crypto assets.

Instead of legitimate trading, the pool sustained consistent losses while investors received fabricated monthly performance reports showing fictitious profits. The CFTC further alleges Vernon used funds from new investors to make payments to existing participants, creating a Ponzi-like scheme to conceal mounting losses. The agency seeks restitution, disgorgement of ill-gotten gains, civil penalties, permanent trading bans and an injunction against further violations of the Commodity Exchange Act.