Consumer reviews and reports on scam companies, bad products and services
Lucid Financial Inc
Lucid Financial Inc. Megagala Jace Vernon Forex Fraud, Fraud by deception, Internet, Utah
23rd of Jan, 2011 by User914762
I along with several others were solicited by Jace Vernon of Lucid Financial Inc. with the representation he would trade our account using a safe correlation trading system which he had perfected over the years. We had been trading for about 12 months with another group whose system provided safe guards to prevent losses of no morethan 2% a day, and 15% monthly stop loss. We were told by Jace Vernon that his proven system would provide us with a 1% to 1.5% daily return, and after his fees we would net 12% to 18% per month with an occasional month around 25%.


We had alwaysinsisted we would notallow him to trade our funds unless we traded with a system that wouldhavea limited down side. Jace Vernon told numerous parties that his system would accomplish that.Basedupon the representations ofJace Vernon we deposited over $300,000 in a trading account for Jace Vernon and Shaun Reiffenstein his partnerto trade.


Soon after we sent the funds to Dukascopy to trade they quickly took the account down over a very short period of time. We immediately questioned why we were having large draw downs, and was told the market had changed, and they were no longer trading the agreed upon strategy without even talking to us. We were told that Shaun was one of the best in the world at FX drawdowns, and to give him a few days for the market to turn around.


Jace Vernon was nowin a panic. He had guaranteed us that he would make us whole when we discovered they had changed the trading systems without our permission. When we had originally opened the accountit wasagreed to no more than a 10% draw down in a month. Earlier whenI was completing the forms at DukascopyI wasasked for the maximum draw down percentage. Jace instructed me to put it at 50%, andI asked why shouldI do that if we were going to stop at a 10% stop loss, and he said that is what it needs to be shownbut we would never have to worry about that stop loss. Well needless to say over a few days Shaun took our account from $312,000 down to around $156,000. I was in disbelief but Jace said the market was turning around andI should allow them to catch the run up in the market. I gave them around another 15% of the account to get us back which they quickly lost. I then was approached by Jace who pleaded for me to give them more money to work with. I saidI could not and he then provided me with a written/email guarantee that ifI put up additional money they would make it good if they lost. I put the money up, they lost it,and then refused to honor their guarantee.


Jace begged for 90 days beginning in July 2010 to recover our money. It has now been over six months, and he is still making excuses provided you can find him. He will only make vague promises to my associate. Each timeI asked him about his commitment and the theft of the money which he guaranteed he says sinceI have threatened him with legal action he cannot honor his commitment. I only told him if he did not honor his commitment we would have to take action to recover our lost/stolen funds which he guaranteed to us. A pitiful excuse.


I can put together numerous individuals who will testify to the CFTC and SEC about actions Jace Vernon has taken. I have numerous emails from Jace which could put him out of business or worse. I have attempted to work with him but cannot get him to put together an honest recovery plan. I know of others he has clipped for 70% plus of their money. He is currently teaching othersabout FX while holding himself out to be reputable and trust worthy. I do not know how much damage he has done to unknown partiesbut I have talked to others like me with a similar experience.


I have been silent for about 7 months but no more. I have given up on him returning my funds. I also do not wish to see others harmed by Jace Vernon of Lucid Financial Inc.


Comments
2913 days ago by Lucid
Owner of Lucid Financial

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. No longer are we taking on new clients
The money business is a tough game and Mega Gala and Lucid try to be open about the risks.
2550 days ago by Bcd
So all in all you did em wrong
2534 days ago by Dorelly
i have suffered the same scam, i paid for his so called "mentorship" and i started following his trades, then his "correlation trading" started to go wrong, euro and pound never went the side he wanted and we were holding big DD, my friend who is also in the mentorship blown his account, i have blown TWO accounts with this scammer called Shaun Reiffenstein, i have people who also lost money with his managed accounts, he works for FIN FX, so people be warned, i have his pictures, you can ask me for it via email, i have everything. I joined his mentorship on december 2011, and we are holding positions since january 18, these trades are at minus 800 pips, and are like 10 or so trades, but my account was blown during this holding. be warned, if you want pictures of him, and any other details just contact me.
2451 days ago by ThierryC
Hi, as a Forex trader I am always interested in reading about scams and frauds, but what I see here is a misinterpretation of the market, and that happens to the best. A forex strategy only works for a period of time and I have never seen one holding on the long term.
If you want to hold on, you have to sit tight in front of your computer several hours in the day, to follow the market read all the news and analysis, and make your strategy for the day.
We are three traders and are managing our money and have some private clients, we hold their money under a strict private loan agreement, which binds us personally and the deposits we have are secured by our personal assets and funds. If we have to support draw downs we have to refund the client, our agreements are for 3, 6, or 12 months, and we are serving 5 to 7 % per month, paid on a monthly basis. Principal is returned at the end of the period. We are of course limited on the amount we can handle as we cannot secure large amounts of money. The fact that the contract is a private loan authorizes the lender to be tax free as the interests are specified part of the principal received. That is according to our standards the only way to secure the client, and allow good profits.
We are not mentoring or providing robots or news letters, we are trading, MT4, MT5, and we started trading options. If you are interested, drop us a line [email protected]
2451 days ago by ThierryC
Mistake the email address is [email protected], pp512.1 is the skype address.

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