Multiple local residents say they have seen serious losses after a local investor reported depleting its investment fund – and that the firm is under investigation by a federal agency.
For Matt Jackson, a Franklin realtor with Keller Williams Realty, the news came on Tuesday, March 3, in the form of a letter from the firm saying most of his investments and life savings had been depleted.
A copy of the letter independently verified by the Press reads, “I must unfortunately inform you that investment losses have depleted the assets of the Argent Capital Partners LP fund. There is an existing Commodity Futures Trading Commission investigation into the matter, with which I am fully cooperating. A representative from the CFTC may reach out to your directly.”
“Due to this ongoing matter, the issuance of Schedule K-1s from the fund to be used in preparation of your tax return will be delayed until resolution. K-1s will be provided as soon as the matter is resolved. Thank you for your understanding and patience in the meantime,” the letter continued.
The letter from owner Trevor L. Vernon notes that Argent Capital Partners LP, the entity in charge of the fund, is independent from Argent Accounting Inc. and Argent Insurance Services Inc., and those businesses are not impacted by the investigation or losses.
In a Facebook post, Jackson said, “This week I found out a local professional I trusted with my investments and savings has not been honest with me for years. A big chunk of my life savings is probably gone if not all of it. I made the mistake of putting away too many eggs in one basket … There are a lot of people hurting in our community. All we can do is hope that these investigations that are going on right now and the court system find some form of justice in all this.”
In an interview with the Press, Jackson said he had spoken to Vernon directly after receiving the letter and Vernon credited bad investments for the losses. Vernon did not respond to a Press inquiry.
Assistant Chief Matt Pellicer of the Franklin Police Department said the department has received a few complaints about Argent and multiple agencies are investigating the issue. He said those with complaints or those affected should reach out to the police department but did not give any other comment since the investigation is still in its early stages.
The Commodity Futures Trading Commission did not respond to a request for comment and the Macon County Sheriff’s Office said no complaints have been received.
Highlands lawyer Leonard Baer, who has served as the deputy chief of the Major Crimes Division for the U.S. Attorney’s office in the Southern District of Florida and writes a column for The Highlander, said what happens next will depend on the result of the investigation and whether fraud has occurred.
For now though, he said those affected should contact the investigating entity to make a claim and gather all their documents relating to Argent Capital, including the information they were given before deciding to invest in the fund.
Reports can be filed with the Franklin Police Department by calling 828-524-2864. Information about filing a complaint with the CFTC is available at cftc.gov/complaint.
Those affected by the incident are invited to contact The Franklin Press at the email address listed at the top of this story.