CFTC sues Trevor Vernon, Argent Capital over alleged $14 million commodity pool fraud

The CFTC (U.S. derivatives regulator) said it filed a complaint in the U.S. District Court for the Western District of North Carolina against Trevor L. Vernon and Argent Capital Management LLC, alleging they ran a fraudulent commodity pool that traded equity index futures contracts, options on equity index futures and crypto assets. The complaint alleges that from at least March 2022 through February 2026, the defendants solicited more than $14 million from at least 60 participants by falsely presenting Vernon as a successful trader and the pool as highly profitable, even though trading allegedly produced persistent and severe losses. The regulator also alleges the defendants sent false monthly and quarterly performance updates showing growing account balances and misappropriated pool money, including using funds from new participants to pay existing participants in a Ponzi-like scheme. The CFTC further alleges Vernon made false statements under oath during the agency’s investigation and says the defendants violated multiple registration provisions under the Commodity Exchange Act and CFTC regulations. It is seeking restitution, disgorgement, civil monetary penalties, trading and registration bans, and a permanent injunction.