Image credit: Shutterstock
The U.S. Commodity Futures Trading Commission sued North Carolina resident Trevor L. Vernon and Argent Capital Management LLC, accusing them of running an alleged commodity pool fraud involving futures, options and crypto assets.
The agency said Vernon and Argent raised money from at least 60 participants while hiding trading losses and sending false performance updates.
CFTC Says Argent Raised $14.8M From 60 Participants
The complaint was filed in the U.S. District Court for the Western District of North Carolina. The CFTC said Vernon and Argent solicited at least $14.8 million from March 2022 through February 2026 for Argent Capital Partners LP.
The pool allegedly traded equity index futures, options on equity index futures and crypto assets. Vernon also told participants the fund could invest in real estate, debt, cryptocurrency, blockchain and private companies.
$9.3M in Accounts Allegedly Lost Over $8.6M
The complaint says Vernon put about $9.3 million of participant money into trading accounts at two brokers and two crypto exchanges. Those trades produced more than $8.6 million in losses, according to the CFTC.
The agency said Vernon’s Bitcoin and Ether trading used at least $446,000 of participant funds and lost at least $108,000. The larger losses came from futures and options trading accounts, according to the complaint.
The CFTC said Vernon and Argent still sent participants performance summaries, quarterly updates and tax forms showing gains that did not exist. One June 2025 email allegedly claimed the fund was up 7.03% for May and 9.76% for the year after fees, even though one trading account lost more than $320,000 that month.
Complaint Cites $3M in Ponzi-Like Payments
The CFTC also accused Vernon and Argent of misusing pool funds. The complaint says more than $3 million was returned to participants, with some payments allegedly made in a Ponzi-like way using new participant money or false profits.
The agency also alleged Vernon used $136,000 for private air travel and sent more than $800,000 to businesses tied to real estate development. Vernon also allegedly made false statements under oath during the CFTC investigation.
CFTC Seeks Restitution, Bans and Penalties
The CFTC is seeking restitution for participants, disgorgement, civil monetary penalties, trading and registration bans, and a permanent injunction.
The case will now move through the court process in North Carolina. Vernon and Argent have not been found liable, and the CFTC’s claims still have to be tested in court.
