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Margin Complaint Against North Atlantic’s Steve Hollingsworth
A new investor complaint against Steve Hollingsworth (CRD# 1328648) alleges that the Newton, Massachusetts financial advisor made unauthorized trades. Records maintained by the Financial Industry Regulatory show that the Raymond James Financial Services broker has received multiple other complaints over the course of his career in the securities industry. He operates as a representative of Adele Financial Services and North Atlantic Investment Partners.
FINRA Records Show Four Investor Complaints
Mr. Hollingsworth’s BrokerCheck report discloses a total of four investor complaints. The most recent, filed in October 2022, alleged he made unauthorized transactions, made “an inappropriately high volume of transactions,” recommended improper margin transactions, and purchased unsuitable products, including closed-end funds. The pending complaint alleges damages of $762,908.
Two earlier complaints against Mr. Hollingsworth reached settlements between the investors and firms they concerned. A 2018 complaint, for instance, alleged that he recommended unsuitable investments. A complaint filed in 2007, meanwhile, alleged both that he made unsuitable recommendations and that he breached his fiduciary duty to place the customer’s interests of his own. The complaints settled for a cumulative sum of $176,000.
Hollingsworth Denied Allegations
Mr. Hollingsworth made statements regarding both of the above-described complaints in his BrokerCheck report. In both cases, he denied the allegations.
FINRA Panel Issued Award to Claimant
FINRA records disclose a fourth complaint against Mr. Hollingsworth. Filed in 2013, it alleged that he recommended unsuitable investments, breached contract, engaged in fraud, made negligent misrepresentation of material facts, and over-concentrated investments in the client’s account. The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award to the customer of $13,750.
Registration History Includes Raymond James, Wells Fargo
Steve Hollingsworth has spent 37 years as a broker, according to FINRA records. He has been registered as a broker and an investment advisor with Raymond James Financial Services in Newton, Massachusetts since 2010 and 2011, respectively. Records show that he operates as a representative of Adele Financial Services and North Atlantic Investment Partners. Over the course of his career, he has also worked with firms like Wells Fargo and UBS Financial Services. More information about Mr. Hollingsworth is accessible in his BrokerCheck report, a record of his registrations, his qualifications, and customer complaints against him. (Information current as of November 14, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.