- Report: #711830
Complaint Review: Lucid Financial Inc. - Internet Utah
Reported By:
The Mayor -
Middlesex, North Carolina, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Lucid Financial Inc.
1173 S 250 W Ste 302 Internet, 84770 Utah, United States of America
Phone:
435-656-8430
Web:
whylucid.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Lucid Financial Inc. Forex Fraud, Fraud by deception Internet, Utah
I with several other investers, who were already trading with another group, were solicited by Jace
Vernon of Lucid Finaancial Inc. telling us that he could trade our account using a safe correlation trading system that he had perfected over his years of trading. The group that we were presently using provided safe guards to prevent losses of more than 2% per day and 15% monthly. Jace told us that his system would bring us returns of 1% to 1.5% per day to net us between 12% and 18% monthly,after fees, with an occasional month of up to 20%.
We were very interested in what Jace was offering ,but our main concern was that we traded with a system that had stop losses in place to limit our down side. Jace assured us that his system accomplished just that and with these assurances from Jace we made a sizeable deposit into an account for Jace Vernon and Shaun Reiffensten, his trading partner, to begin trading for us.
The funds were sent to Dukascopy for them to begin trading with the agreement that we would not have a draw down of more than 10% per month, but within a short time they had drawn down our account more than agreed upon. The excuse was that the market had changed and they had changed there trading strategy without telling us. We were told to give them a few days and everything would be ok but it was not.
I later found out that Jace had provided us with older trading reports showing impressive gains. We had been promised numerous times that we would receive Audited Reports of their previous returns but they never came. Later I found out that Jace had provided us with trading periods that only benefited him a practice that I understand is frowned upon by CFTC, SEC and other regulators.
Jace seems to come across has a nice guy but he has no business in the Financial Services Business making promises to people about trading that he cannot and will not keep. You don't change your strategy of trading without talking to your clients first.
I read his posting to the original complaint and was disappointed to see him hide behind technicalities.
He was very bold when he sold us on his trading style making representations that were untrue at best. I do agree that trading is a risky business but this is not what Jace sold us. When someone like Jace puts a hard sale on you to move your money to him to trade and his only reason is that he will be committed to you in know uncertain terms to make you 1% to 1.5% per day with a minimum downside, just like he has been doing in the past, that person shouild be held accountable for their actions. I am not looking to get back the money lost since it looks like these guys have driven the other accounts into the ground also.
In the end after much debate, an a written guarantee from Jace ,he was given access to $12,000 to try and get back some of our losses but lost that has well and after being asked to honor his guarantee more than one time all we have gotten from him more excusses.
I do not believe Jace Vernon should be allowed to handle anyone's money or allowed to teach others how to trade based on his actions. He came across as a nice guy but turned out to be dangerous and people should be warned not to do business with him. His word, based on my experience, means absolutely nothing.
Vernon of Lucid Finaancial Inc. telling us that he could trade our account using a safe correlation trading system that he had perfected over his years of trading. The group that we were presently using provided safe guards to prevent losses of more than 2% per day and 15% monthly. Jace told us that his system would bring us returns of 1% to 1.5% per day to net us between 12% and 18% monthly,after fees, with an occasional month of up to 20%.
We were very interested in what Jace was offering ,but our main concern was that we traded with a system that had stop losses in place to limit our down side. Jace assured us that his system accomplished just that and with these assurances from Jace we made a sizeable deposit into an account for Jace Vernon and Shaun Reiffensten, his trading partner, to begin trading for us.
The funds were sent to Dukascopy for them to begin trading with the agreement that we would not have a draw down of more than 10% per month, but within a short time they had drawn down our account more than agreed upon. The excuse was that the market had changed and they had changed there trading strategy without telling us. We were told to give them a few days and everything would be ok but it was not.
I later found out that Jace had provided us with older trading reports showing impressive gains. We had been promised numerous times that we would receive Audited Reports of their previous returns but they never came. Later I found out that Jace had provided us with trading periods that only benefited him a practice that I understand is frowned upon by CFTC, SEC and other regulators.
Jace seems to come across has a nice guy but he has no business in the Financial Services Business making promises to people about trading that he cannot and will not keep. You don't change your strategy of trading without talking to your clients first.
I read his posting to the original complaint and was disappointed to see him hide behind technicalities.
He was very bold when he sold us on his trading style making representations that were untrue at best. I do agree that trading is a risky business but this is not what Jace sold us. When someone like Jace puts a hard sale on you to move your money to him to trade and his only reason is that he will be committed to you in know uncertain terms to make you 1% to 1.5% per day with a minimum downside, just like he has been doing in the past, that person shouild be held accountable for their actions. I am not looking to get back the money lost since it looks like these guys have driven the other accounts into the ground also.
In the end after much debate, an a written guarantee from Jace ,he was given access to $12,000 to try and get back some of our losses but lost that has well and after being asked to honor his guarantee more than one time all we have gotten from him more excusses.
I do not believe Jace Vernon should be allowed to handle anyone's money or allowed to teach others how to trade based on his actions. He came across as a nice guy but turned out to be dangerous and people should be warned not to do business with him. His word, based on my experience, means absolutely nothing.
1 Updates & Rebuttals
Lucid
Saint George,Utah,
United States of America
Same Report Same Guy Same Rebuttal
#2REBUTTAL Owner of company
Fri, April 29, 2011
Same Guy filed another report so the rebuttal is the same as the last one.
This post was brought to my attention and I thought it best if I posted a
little answer and gave others my contact info for questions. This is
by no means an argument and this will be my only response.
We feel terrible and hate it when clients lose money in FOREX especially
when Lucid made the introduction. In 2010 Shaun/Mega Gala had a tough
year the correlation did fall apart and caused some pretty big draw
downs. Mega Gala would swing back and forth which caused some pain all
around. I know Mega Gala does everything he can to remedy the draw
downs but it does take time a lot longer then we ever could have
guessed. Hard Castle/Robert did lose money and is extremely upset. His
stop did get hit and mega gala did recommend that he reactive. That was a
choice that Hard Castle made! Hard Castle did slide again and the
corr trades did not come back into play. Hard castle/Robert was patient
and waited on the side lines for Shaun to start performing but it has
been a struggle. Sorry Robert and I know Shaun is sorry too. In my
opinion Shaun is one of the best traders I know and has been in front
of the computer screen day in and day out since the draw down occurred.
He had a tough go last year, but he will get back on his feet. He
wants nothing more then to get back on track. That I am sure of.
Now here are a couple of things that I should point out. Hard Castle
had a managed account with Shaun and Mega Gala. The broker was
Dukascopy. Lucid Financial does not have any type of contract or any
type of agreement with Hard castle nor did Lucid Financial guaranteed
funds. Lucid Financial did not have the power of attorney or the access
to trade the account. A managed account is a separate account that is
ran and controlled by the investor and only him. These are not pooled
accounts. Hard Castle could deactivate the account, set stop losses on
the account, and watch the trades 24/7. There are pages of disclosures
signed between Dukascopy and Hard Castle explaining the risks associated
with trading. Mega Gala does not have any type of access to the money
in the account just the ability to trade the account. Therefore funds
can not be stolen. A stop of 10% can be used and the account will
deactivate once it is hit. Shaun did want to help but he went into
protection mode after the threats. Yes we have been threatened numerous
time by Robert which caused some tension. Mega Gala decided it would
be best to cut ties due to the threats.
If you would like to talk about this further and would like a more
detailed explanation I encourage you to email me @ [email protected]. I
also should mention that there are new rules and regulations with
managed accounts that passed last October which USA clients need to be
aware of. The money business is a tough game and Mega Gala and Lucid
try to be open about the risks.
