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.
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