CFTC Charges North Carolina Man Over $14M Crypto, Futures Fraud in Commodity Pool

According to the CFTC, the agency charged Trevor Vernon and his company Argent Capital Management LLC on Tuesday for defrauding approximately 60 people out of $14 million through a bogus commodity pool trading options, equity futures, and cryptocurrencies.

The CFTC alleged Vernon misrepresented himself as a successful trader while incurring at least $8.6 million in losses on participants' funds. Vernon and his company were also not appropriately registered with the CFTC and made false statements during the agency's investigation, according to court filings in the U.S. District Court for the Western District of North Carolina.