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Clinton Sunada Allegedly Misled Investor Regarding Annuities

Nov 26, 2021 Investor Disputes

Clinton Sunada (CRD #: 3016230), a broker registered with NYLife Securities, is involved in an investor dispute regarding annuity surrender charges. This is according to his BrokerCheck record, accessed on November 11, 2021. Investors should take note — this is not the only disclosure on Clinton Sunada’s record. 

On August 23, an investor alleged that Clinton Sunada misled her regarding six annuities’ surrender charges. 

Annuities typically mature in around six years. If annuitants try to surrender their policy before the maturity date, they will most likely incur surrender charges. Unfortunately, brokers have been known to mislead investors regarding surrender charges in order to secure a commission for themselves.

Misleading investors is a violation of FINRA Rule 2010, which states that a broker must “observe high standards of commercial honor.” Annuities with high surrender charges may also violate FINRA Rule 2111 — the requirement that brokers only recommend investments that are suitable for their investors. “Suitability” includes considerations of a security’s liquidity and time horizon -- i.e., how long they will need to hold the investment and how difficult it might be to convert the security to cash. 

Regulatory Disclosure 

On May 27, 2015, Clinton Sunada became the subject of a Stipulation and Consent order from the Hawaii Insurance Division Department of Commerce and Consumer Affairs. The Department alleged that Clinton Sunada failed to provide a policy illustration and application to a customer and insurance carrier in a timely manner. Hawaii ordered Clinton Sunanda to pay a settlement of $1,000. 

Clinton Sunada Background Information 

Clinton Sunada has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in seven states.

Clinton Sunada has not worked for any other brokerages besides NYLife Securities (CRD #: 5167) 

Kurta Law Can Help

If you worked with Clinton Sunada and you have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.