In early June 2025, the Easterly ROCMuni High Income Municipal Bond Fund (ticker: RMHIX) suffered a dramatic collapse—its net asset value plunged nearly 50%, dropping to roughly $2.95 per share.  The dramatic decline in its price could largely be due to the fact that this bond fund had over 80% of its holdings in below investment grade bonds, often referred to as “junk bonds”, according to a March 2025 fact sheet about the Easterly ROCMuni High Income Bond Fund.   It has further been alleged that although the Easterly Fund was presented as a municipal bond fund mostly holding tax-exempt securities, which is simply not accurate.

A recent class action complaint alleged that the Fund had assets at artificially inflated prices that did not reasonably reflect the fair value of those assets.   As a result, the Fund’s holdings were materially overstated.  This could be a problem, and investors who suffered losses should contact the securities law firm of Israels & Neuman immediately, as time is of the essence.

The securities and investment fraud law firm of Israels & Neuman, PLC is looking into potential sales of this product by two broker-dealer firms—Osaic Wealth and Stifel Nicolaus & Co.   We are interested in discussing sales practices, concentrations and recommendations with investors.

Allegedly, an 84-year-old widow, guided by an Osaic financial advisor on Long Island, was advised to invest in the Easterly Fund in May—just days before it collapsed, causing her to lose approximately 35% of her savings.

RMHIX Investors: You Have Rights.

If you or someone you know were advised by Osaic Wealth, Stifel Nicolaus or any other brokerage firm, to invest in the Easterly ROCMuni High Income Municipal Bond Fund or RMHIX, and you’ve suffered losses as a result, you may have legal options. Investors have rights, and it’s important to explore them as soon as possible before statutes of limitation pass.

Contact Israels & Neuman for a Free Case Review

We always offer Free Consultations. If we take your case, we do so on a contingency fee basis—which means there are no attorney fees unless we recover money for you!

(720) 599-3505 or (206) 795-5798

Visit us at https://www.IsraelsNeuman.com

Did you invest with financial advisor Steven McCormick in Simi Valley, California? Israels & Neuman is looking into claims made by FINRA against this advisor, who was affiliated of Woodbury Financial Services from March 2019 to January 2024 and with Osaic Wealth from January 2024 to October 2024. He was recently barred from the securities brokerage industry by FINRA after he refused to cooperate with a FINRA investigation.

According to FINRA’s Letter of Acceptance, Waiver, and Consent (AWC), McCormick was the subject of a complaint made to FINRA, which led to an investigation. He acknowledged the FINRA investigation but said he would not comply.

Steven P. McCormick was registered with Woodbury Financial Services and Osaic Wealth. He worked in Simi Valley, California and was also the subject of a 2021 tax lien and a 2017 customer complaint.

Brokerage firms must reasonably monitor their financial advisors. If the firm fails to do so, they could be liable for investor losses.

View FINRA AWC HERE

VIEW BROKERCHECK REPORT HERE

If you lost money with Steven McCormick, Woodbury Financial Services, or Osaic Wealth, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.

Have you lost money with advisor Mark Stanley, formerly with Royal Alliance and now with Osaic Wealth in Bellevue, Washington? The investment fraud law firm of Israels & Neuman is reviewing claims made by former customers against Mark Stanley or Mark J. Stanley.

FINRA’s BrokerCheck which is linked below, discloses that this advisor has been the subject of two customer complaints since 2023. A 2023 complaint alleges that he induced a customer to surrender a variable annuity and invest the proceeds in a managed account against their wishes. The case settled for $159,000. A 2024 complaint alleged that he did not obtain authorization to engage in an options strategy that resulted in capital gains taxes.

From October 2020 to the present, Mark Stanley has been with Royal Alliance (which was merged into Osaic Wealth). He works in a Bellevue, Washington office.

Israels & Neuman is a securities and investment fraud law firm with its main offices in Seattle, WA,; Phoenix, AZ; Grand Rapids, MI and Ann Arbor, MI. We represent clients in all 50 states and attorney Dave Neuman is licensed to practice law in Washington.

You can find Mark Stanley’s BrokerCheck Report HERE.

If you lost money with Mark Stanley, Royal Alliance or Osaic Wealth, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.