Our Broker Fraud Lawyers Want To Talk To You

The Broker Fraud Lawyers of Shepherd Smith Edwards and Kantas is investigating Janney Montgomery Scott financial advisor John Thomas Hardiman following the filing of a six-figure FINRA lawsuit involving massive losses in the Easterly ROCMuni High Income Municipal Bond Fund. The claim, filed on behalf of an elderly widow, alleges that Hardiman unsuitably overconcentrated her portfolio in speculative “junk” bond funds despite her conservative investment goals.

If you are an Easterly ROCMuni High Income Municipal Bond Fund investor who worked with Janney Montgomery Scott financial advisor John Thomas Hardiman, contact Shepherd Smith Edwards and Kantas (investorlawyers.com) today. We are continuing to investigate claims of losses against any financial advisor who sold the Easterly Fund to customers.  Already, we have filed many FINRA lawsuits against brokerage firms.

This includes a six-figure investment loss recovery claim against Janney Montgomery Scott on behalf of an elderly widow. She contends that broker John Hardiman overconcentrated her account. For several years, the brokerage firm placed her money in the speculative Nuveen High Yield Municipal Bond Fund, despite her clear instructions that the firm handle her money conservatively. When she questioned this strategy, her broker stood by his recommendation. She suffered losses.

Hardiman eventually would go on to recommend that this investor sell her investment in the Nuveen Fund to buy into a different municipal “junk” bond fund, which was the Easterly ROCMuni High Income Municipal Bond Fund. She says he claimed this would be more in line with her financial goals. Unfortunately, the Easterly Fund collapsed last summer, losing more than half its value within a few days. This retiree suffered even more losses.

In her FINRA arbitration claim, our Client is alleging unsuitable recommendations, breach of fiduciary duty, misrepresentations and omissions, breach of contract, securities fraud, negligence, gross negligence, violation of Regulation Best Interest, unjust enrichment, failure to supervise, and more.

Why is Janney Montgomery Scott Financial Advisor John Hardiman under scrutiny over investment recommendations to Customers?

This is not the first time one of Hardiman’s clients has accused him of unsuitable investment recommendations. His BrokerCheck CRD notes another pending six-figure customer complaint. The Claimant is alleging unsuitability and suing for more than $600,000 in damages.

John Hardiman has worked in the industry for 27 years.

 Why Are Easterly ROCMuni Fund Investors For Broker Fraud?

• Investors sustained massive  losses when The Easterly Fund collapsed in a huge fire sale in June 2025
• There is growing evidence that brokers unsuitably recommended this volatile junk bond fund, including to retail customers and retirees.
• Easterly Fund investors are saying they were never fully apprised of the risks.
• Brokers are accused of not properly investigating the Fund, with some of them waiting until it was too late to try to pull investors out.
• The Easterly ROCMuni High Income Municipal Bond Fund is facing fraud allegations.

 Talk To Us About Your Easterly Fund Losses

Call (800) 259-9010 or contact us online.