Lucid Financial Inc. Megagala Jace Vernon Forex Fraud, Fraud by deception, Internet, Utah

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.