At least a half a dozen independent broker-dealers sold variable annuities reportedly issued by Sun Life Financial, Inc. that lost substantial monies investing in hedge funds. The hedge funds, which used a combination of put and call options to bet that the S&P 500 stock index would not vary outside of a certain range, lost between 75% and 90% of their value when the stock market crashed in 2008. Investors appear to have lost approximately $18 million in these products, and the Financial Industry Regulatory Authority is said to be investigating.