U.S. CFTC Charges North Carolina Man with Alleged $14 Million Cryptocurrency and Futures Fraud

CoinFeed July 8 news, according to The Block, the U.S. Commodity Futures Trading Commission (CFTC) filed fraud charges against North Carolina man Trevor Vernon and his company Argent Capital Management LLC. In a complaint filed on Tuesday, the CFTC alleged that Vernon defrauded approximately 60 investors of $14 million through a fake commodity pool that traded stock index futures options, stock index futures contracts, and crypto assets. Vernon portrayed himself as a 'successful trader' through quarterly financial updates and monthly performance emails, but in reality he consistently lost investor funds, with total losses of at least $8.6 million from trading futures, options, and crypto assets. Vernon and his company were not registered with the CFTC and falsely claimed to be registered.