US CFTC sues man over alleged $14M crypto fraud scheme

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against North Carolina resident Trevor Vernon and his company, Argent Capital Management LLC, on charges of fraud, according to The Block. Vernon is accused of defrauding approximately 60 investors out of a total of $14 million by falsely promoting himself as a successful trader. The funds were reportedly managed through a commodity pool that invested in various assets, including cryptocurrencies. The CFTC explained that despite incurring continuous losses, Vernon and Argent Capital falsely advertised their trading success to investors. The commission added that Vernon recorded at least $8.6 million in losses from trading futures, options, and cryptocurrencies.