Samuel S Shepherd (CRD #6618941) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Samuel S Shepherd (CRD #6618941) is currently registered with LPL Financial LLC and has a customer dispute disclosure on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 24, 2026. It reflects one customer dispute. If you invested with Samuel S Shepherd and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Samuel Shepherd’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On January 5, 2026, a customer alleged Samuel Shepherd did not act in the retail customer’s best interest and recommended an unsuitable securities investment between March 2022 and November 2022. The customer sought $1,400,000 in damages. Samuel Shepherd’s FINRA BrokerCheck report lists the product as listed equity, including common or preferred stock. FINRA BrokerCheck shows the matter is pending in arbitration. Shepherd denied the allegations and stated the investments were suitable for the customer’s objectives and risk tolerance.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis for a recommendation. A suitability dispute can raise questions about whether the recommendation matched the customer’s objectives, risk tolerance, and needs.

Rule Summary #2: FINRA Rule 2090 (Know Your Customer)

FINRA Rule 2090 requires firms to use reasonable diligence to know the essential facts about each customer. Those facts help a broker understand the account and evaluate whether a recommendation fits the customer.

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:

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.

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

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.

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, Samuel Shepherd:

Is currently registered with LPL Financial LLC. BrokerCheck also shows investment adviser registrations through Shepherd Financial Partners, LLC in Massachusetts and Texas.

Has passed the Securities Industry Essentials (SIE) exam. Samuel Shepherd has also passed Series 7 and Series 66.

BrokerCheck reports one professional designation: Chartered Financial Analyst.

No prior securities firm registration history is reported.

Kurta Law Can Help

If you have worked with Samuel 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: Unsuitable Investments | Securities Attorney

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.