On your unixish box (GNU/Linux in this case) issue that command as root:
# stty -F /dev/tts/0 -onlcr (/dev/tts/0 is another name for /dev/ttyS0)
The onlcr setting, if enabled (you're disabling it here), tells the
kernel to translate \012 into \015\012, or \n into \r\n (except that the
meaning of '\n' is a little more ambiguous across host types). So if
your srec files already contain \015\012 as emitted by the bfd routines,
they will go out as \015\015\012 on the serial port, on which your board
will barf.
Disable -onlcr and hey presto, maybe problem solved. Let us know how it
works out!