Robert Mark Shepherd (CRD #1844029) Has Regulatory, Customer Dispute, and Employment Separation Disclosures on FINRA BrokerCheck

Robert Mark Shepherd is a broker with disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 24, 2026. It reflects one regulatory event, two customer disputes, and one employment separation after allegations. If you invested with Robert Shepherd and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s) / Disciplinary Action(s)

Robert Shepherd’s FINRA BrokerCheck report reflects one final regulatory event. A summary of the disclosure is below:

On April 8, 1992, Robert Shepherd’s FINRA BrokerCheck report states the NASD accepted an AWC in case C11910055. The disclosure says he engaged in business activities outside the scope of his relationship with his member firm without giving prompt written notice to the firm. FINRA BrokerCheck states he was censured, fined $9,000, and required to requalify by passing the Series 7 exam to remain effectively registered. The firm involved was Ids Financial Services.

Employment Separation After Allegations

Robert Shepherd’s FINRA BrokerCheck report also reflects one employment separation after allegations. A summary of that disclosure is below:

On April 25, 1991, Robert Shepherd’s FINRA BrokerCheck report states Ids Financial Services, Inc. permitted him to resign. The disclosure says it was alleged that he made unlicensed sales, signed client signatures to investment applications, and engaged in undisclosed outside business activities involving an oil well and mortgage loan originations.

Investor Disputes / Customer Complaints

Robert Shepherd’s FINRA BrokerCheck report reflects two customer dispute disclosures. Summaries of the disputes are below:

On February 4, 2008, a customer alleged preferred stock investments in an advisory account were unsuitable and were purchased without the customer’s knowledge. The customer also claimed losses after selling the positions in November 2007. Robert Shepherd’s FINRA BrokerCheck report lists the product as equity listed common and preferred stock. The claim was denied on April 19, 2008. The disclosure lists alleged damages of $5,000.

On January 5, 2026, a customer alleged Robert Shepherd did not act in the retail customer’s best interest by recommending an unsuitable securities investment between March 2022 and November 2022. Robert Shepherd’s FINRA BrokerCheck report lists the product as equity listed common and preferred stock and the requested damages as $1,400,000. The matter is pending in FINRA arbitration under docket number 25-02834.

Rule Summary #1: FINRA Rule 3270 (Outside Business Activities of Registered Persons)

FINRA Rule 3270 requires written notice before a registered person takes on a compensated outside business activity. That rule matters here because the regulatory event and employment separation both involve undisclosed outside business activity.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for each recommendation. It also requires a broker to match a recommendation to the customer’s investment profile. That matters here because both customer disputes raised suitability concerns.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

2. Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

3. Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

4. Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Robert Shepherd:

Is currently registered with LPL Financial LLC as a broker.

Is currently registered with Shepherd Financial Partners, LLC and LPL Financial LLC as an investment adviser.

Has passed the Securities Industry Essentials (SIE) exam. Robert Shepherd has also passed Series 7, Series 24, Series 65, and Series 63.

Was previously registered with firms that include Linsco/Private Ledger Corp. and American Express Financial Advisors Inc.

Kurta Law Can Help

If you have worked with Robert Shepherd and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Unsuitable Investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.