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Kimsey Hollifield: Investor Complaint Against Ex-Alphastar Advisor
A recent investor complaint against Summerville, South Carolina financial advisor Kimsey Hollifield (CRD# 5851037) alleges that he recommended an unsuitable structured note. Records maintained by the Securities and Exchange Commission indicate that he is an investment advisor registered with Brookstone Wealth Advisors and the owner of Hollifield Financial Group.
Mr. Hollifield’s BrokerCheck report discloses one investor complaint. Filed in September 2022, it alleges that as a representative of Alphastar Capital Management, he misrepresented the terms associated with a structured note investment recommendation that was unsuitable for the customer. According to the complaint, the note in question “was subsequently rescinded by the issuing bank.” Although the client alleged requested to participate in the rescission offer, Mr. Hollifield allegedly “failed to submit client’s request for rescission during the 30-day window for the rescission offer.” The allegations state further that when Mr. Hollifield moved to a new firm, he “failed to disclose affiliation with the new firm to the client during a client meeting.” The pending complaint alleges damages of $35,499.
According to the Securities and Exchange Commission, Mr. Hollifield holds five years of securities industry experience. Based in Summerville, South Carolina, he has been an investment advisor with Brookstone Wealth Advisors since September 2022, doing business as Hollifield Financial Group. His past registrations include Alphastar Capital Management (Summerville, South Carolina; 2020-2022), Retirement Wealth Advisors (Johns Island, South Carolina; 2019-2020), and Alphastar Capital Management (Asheville, North Carolina; 2011-2013). His credentials include the passage of the Uniform Investment Adviser Law Examination, or Series 65. He is licensed as an investment advisor in North Carolina and South Carolina. (Information current as of January 12, 2023.)
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