Last Updated: October 2024 (Summerville, South Carolina)
Kimsey Allen Hollifield Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker Kimsey Allen Hollifield (CRD #5851037), who is currently employed at Brookstone Wealth Advisors, LLC in Summerville, South Carolina. He has faced customer complaints related to unsuitable investment recommendations and failure to disclose important information during client meetings.
Kimsey Allen Hollifield (CRD #5851037) is a financial advisor with over a decade of experience, currently employed at Brookstone Wealth Advisors in Summerville, South Carolina. However, his career has been marked by a customer dispute involving unsuitable investment recommendations and failure to submit important paperwork, leading to a financial settlement. Below, we provide further details on Hollifield’s professional background and the allegations that may raise concerns for potential investors.
Critical insights about Summerville SC stockbroker Kimsey Allen Hollifield:
- Advisor Name: Kimsey Allen Hollifield
- CRD: 5851037
- Location: Summerville, South Carolina
- Current Employer: Brookstone Wealth Advisors, LLC
- Classification: Stockbroker + Financial Advisor
- Primary Location: Summerville, SC
- Can Kimsey Allen Hollifield be sued in private FINRA arbitration: Yes
- Has Mr. Hollifield been barred by FINRA: No
- Highest Damages Allegation: $35,499
- Highest Settlement: $6,780.82
- Pending Customer Dispute: No
If you have suffered investment losses by Kimsey Allen Hollifield, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law P.C. via the secure online form or call the firm directly toll-free at (800) 950-6553.
Lost Money With Stockbroker Kimsey Allen Hollifield?
A customer of Alphastar Capital Management, LLC alleged that Kimsey Allen Hollifield made unsuitable investment recommendations related to the purchase of a Structured Note in September 2022. The client sought $35,499 in damages, claiming that Hollifield failed to submit the client’s request for rescission during a 30-day window offered by the issuing bank. The case was settled for $6,780.82 on September 22, 2022.
Allegations of Broker Misconduct Against Kimsey Allen Hollifield
Customers of Kimsey Allen Hollifield have alleged the following misconduct in connection with his handling of their accounts:
- Misrepresentation: Hollifield was accused of misrepresenting the terms of a Structured Note, leading to financial losses for the client.
- Failure to Disclose: It was alleged that Hollifield failed to inform the client of his new firm affiliation during a meeting, potentially impacting the client’s financial decisions.
Brokers and their firms are required to comply with FINRA Rule 2111, which mandates that they provide suitable recommendations based on the client’s financial profile and disclose material information. Hollifield’s actions suggest possible violations of these rules, leading to customer disputes and financial settlements.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Broker Experience Summary
Kimsey Allen Hollifield (CRD #5851037) has been involved in the financial advisory industry for over a decade, working for various firms in advisory roles. Currently employed at Brookstone Wealth Advisors, LLC since September 2022, Hollifield is registered in three U.S. states: Florida, North Carolina, and South Carolina. He has previously been registered with firms like Alphastar Capital Management, LLC and Retirement Wealth Advisors, Inc. from 2019 to 2022.
Hollifield passed the Series 65 – Uniform Investment Adviser Law Examination in April 2019, which qualifies him to operate as an investment adviser representative. He also runs Hollifield Financial Group, an insurance and advisory business in Summerville, South Carolina, and has been engaged in this business since 2010. His long-standing experience and multiple state registrations reflect a broad capacity to advise clients on various financial matters.
Negative Disclosures and Customer Disputes
Kimsey Allen Hollifield has been involved in one customer dispute, which has since been settled:
- Settlement: A customer filed a complaint against Hollifield in September 2022, alleging that he made an unsuitable recommendation related to the purchase of a Structured Note and failed to submit a rescission request within the required window. The customer claimed $35,499 in damages, and the case was settled for $6,780.82 on September 22, 2022.
There are no additional regulatory actions, terminations, or financial disclosures (such as tax liens) on record for Hollifield beyond this customer dispute.
Allegations and Accusations
The following allegations have been made against Kimsey Allen Hollifield:
- Unsuitable Investment Recommendation: Hollifield was accused of recommending a Structured Note that was not appropriate for the client’s investment objectives, leading to financial losses.
- Failure to Disclose: It was alleged that Hollifield did not inform the client of his new firm affiliation during a client meeting, potentially impacting the client’s financial decisions.
No formal terminations or regulatory actions have been reported against Hollifield, but these disputes highlight concerns regarding his advisory practices.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Kimsey Allen Hollifield or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
