"The Easterly Fund Goes South" Says Securities Lawyer, Jake Zamansky - Quoted in TalkMarkets.com

The following article, “The Easterly Fund Goes South,” was published on TalkMarkets.com by Jake Zamansky, securities lawyer.

The Easterly Fund Goes South

The Easterly ROCMuni High Income Municipal Bond Fund (RMHIX) was pitched to investors by their brokers, mostly, the St Louis based firm Stifel, as a “safe and secure” low risk muni bond fund which generated an above average return.

On June 13, 2025, the Fund lost over 50 percent of its value and sent investors scrambling for the exits.

It turns out that rather than being a “municipal” bond fund as its name implies, the Fund was filled with “junk bonds” issued by non-governmental companies on projects such as recycling and trash collection servicers.

The “project bonds” in the Fund had very few holders and lacked liquidity. When Easterly tried to restructure the portfolio, there were few takers and investors smelled blood and got out of the sinking Fund.

Many investors are blaming their brokerages, mainly Stifel, claiming in FINRA arbitration cases that the Fund was “unsuitable” for retail customers. Stifel clients also allege that their financial advisors downplayed the risk of a Fund with largely “illiquid” securities.

Investors have also filed class action cases alleging that the Easterly Fund’s disclosure documents made misleading statements about the value of the Fund’s assets and inflated the net asset value ( NAV ) of the Fund. Investors also claim that the Fund’s assets were more closely correlated and less diversified than disclosed in the offering materials.

One thing is for sure, the Easterly Fund is going South in a hurry.

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“The Easterly Fund Goes South” Says Securities Lawyer, Jake Zamansky – Quoted in TalkMarkets.com