Business ProfileforSaoud Financial

Complaints:1. Malfeasance via misrepresentation of the product: We were informed that we were paying all of the (12% federal and ****% state) taxes up front for the conversion to a *************** out of a 20% "bonus" (was actually a RIDER). we were told that the 20% "bonus" would allow us extra money left over to add to our original investment. 2. Misuse of implied expertise: The Annuity with a 20% rider is unsuitable for 67- and 70-year-old clients on fixed monthly income because of the 10-year waiting period. Due to his implied expertise, we believed him when he stated that any and all fees we would incur, would be fully covered by the 20% up front bonus--which did not exist. Mr. *********************** implied both verbally and in his advertisements, that he was in a position to provide financial advice. In his Are you Ready to Retire pamphlet that he provided at our "Tax Code" dinner presentation meeting. His pamphlet states that his services included income planning, tax planning, investment planning, legacy planning, and health care planning. The only employee mentioned and/or pictured on this pamphlet is *************************************. Although his son is a licensed investment advisor, he is not included. 3. Financial negligence: It was not disclosed to us that the taxes would be coming out of our initial investment as we were led to believe they would come out of the upfront "bonus" of 20%. It was not disclosed to us that this switch would not only increase our taxable income but would be taxed at a higher rate. While we were aware of the surrender charge period of the policy, it was not disclosed that we would have to wait 10 years to access the bonus money in the form of the rider and only then would the 20% be applied. When we had our taxes professionally done in April, we were informed that we owed the *** money and had to pay an additional $13,257.00 in taxes because of this income investment. The unexpected payment was and is a financial burden on us.

Unfortunately the above people the Bitters did not do their due diligence in talking to a tax advisor. Furthermore our office IS a judiciary with ***** as our in house attorney and financial planner. Even the insurance suitability department agreed that the fault was entirely on the Bitters. I hope that they don't keep making wrong and deceitful remarks on someone's character because they owed the *** taxes on their income.