The Commodity Futures Trading Commission (CFTC) on Tuesday 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 the pair ran a fraudulent commodity pool.
According to the complaint, Argent Capital Partners, LP, raised more than $14 million from at least 60 participants from March 2022 through February 2026. The fund also traded equity index futures, options tied to equity index futures, and crypto assets.
According to the filing, Vernon marketed himself as a successful trader and distributed performance materials showing positive returns. In reality, his trading produced losses exceeding $8.6 million. The defendants allegedly used new participant money to pay earlier participants in a Ponzi-like manner and misappropriated funds, including $136,000 for private air travel.
The complaint also alleges ACM operated as an unregistered commodity pool operator and that Vernon acted as an unregistered associated person. Vernon allegedly made false statements during sworn testimony before the Commission in January 2026, claiming the fund was profitable and that his brokerage accounts were funded with personal money.
The CFTC is seeking restitution, disgorgement, civil monetary penalties, bans on trading and registration, and a permanent injunction.
