NEW YORK, Aug. 8, 2025 /PRNewswire/ -- The Easterly ROCMuni High Income Municipal Bond Fund (RMHIX) has recently lost about half its value, with its share price falling to roughly $2.95. It is a small mutual fund that was being sold to retail investors as a "municipal bond fund," generally an indicator of a relatively safe, low-risk fund. An investigation by stockbroker fraud lawyer Jake Zamansky and his team has revealed that Easterly's fund was quite speculative, comprised of mostly low-rated "junk" bonds, many of which were not even issued by local governments but by small companies with ambitious projects that struggled to get off the ground.
Zamansky LLC's investigation found that financial advisors working for two large broker-dealers (Osaic Wealth and Stifel Nicolaus & Co.) are under fire for having recommended this fund to everyday investors just days before the sudden plunge. These included an 84-year-old widow who lost approximately 35% of her life savings. Now, other plaintiff attorneys, along with Zamansky LLC, are investigating whether the fund was misrepresented or inappropriately recommended to investors who should not have been exposed to this level of risk.
Investment fraud lawyer Jake Zamansky and his team currently have a client who worked with a financial advisor from Osaic Wealth and invested in the Easterly Fund.
Based on Zamansky LLC's investigation, Osaic has yet to return a call to the press. Stifel noted its concern and is asking Easterly (the fund manager) tough questions, but has yet to receive a response. The company responsible for creating and managing the fund, Easterly, also declined to comment.
Financial products that are very risky get packaged and sold to the public as "safe" investments all the time. These types of losses can devastate the lives of everyday investors and retirees, and broker-dealers are increasingly coming under fire when they do not take active steps to prevent them from happening.
About Zamansky LLC
Zamansky LLC is a national investment fraud law firm that represents investors in securities litigation and FINRA arbitration. The firm is recognized for its ability to pursue cases against large investment firms on behalf of aggrieved investors and recover their investment losses.
Contact:
Zamansky LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414
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