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CFTC: Fund Manager Hid Crypto, Futures Losses Behind Fake Returns
Regulator alleges Trevor Vernon and Argent Capital raised $14.8M from 60+ investors while concealing over $8.6M in losses from futures, options, and crypto trading.
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The Commodity Futures Trading Commission has charged a North Carolina fund manager with fraud, alleging he raised more than $14 million from investors while hiding heavy trading losses in futures, options, and crypto assets.
Trevor L. Vernon and his firm, Argent Capital Management LLC, solicited funds from at least 60 investors by portraying the investment pool as consistently profitable, according to a complaint filed in federal court. Regulators said the fund, Argent Capital Partners LP, accepted more than $14.8 million between March 2022 and February 2026.
Vernon claimed to be a successful trader, distributing monthly performance updates, quarterly account statements, and Schedule K-1 tax forms that showed growing profits that did not exist, the CFTC alleged. Instead, he incurred substantial and consistent trading losses while continuing to present false account balances.