CFTC CHARGES THE NORTH CAROLINA MAN WITH US$ 14 MILLION IN ENCRYPTION AND FUTURES FRAUD

On 8 July, the United States CFTC sued Trevor Vernon, North Carolina, and his company Argentina Capital Management LLC, for fraud against 60 investors through a fake commodity pool totalling $14 million. According to the complaint filed by CFTC with the Federal District Court of the Northern Kassy District, Vernon and its company operated a commodity capital pool that involved a wide range of asset transactions, including futures options, futures contracts and encrypted assets. According to CFTC, Vernon lied to investors about being “successful traders” through quarterly financial updates and monthly performance reviews, but in fact continued to incur significant losses when it used investor funds to conduct transactions. The regulator indicated that Vernon had accumulated losses of at least $8.6 million in futures, options and encryption transactions. According to CFTC, the real transaction results are “continuous and catastrophic losses” and are significantly inconsistent with its profitability to investors。