Our firm is investigating LPL Financial LLC and Shepherd Financial Partners, LLC broker and investment adviser representative Samuel S. Shepherd (CRD# 6618941) of Winchester, Massachusetts, for potential investment-related misconduct involving a pending FINRA customer dispute alleging unsuitable securities recommendations.
Financial Advisor’s Career History
Samuel S. Shepherd is currently associated with LPL Financial LLC (CRD# 6413) and Shepherd Financial Partners, LLC (CRD# 169093), with branch activity listed at 1004 Main Street, Winchester, MA 01890. BrokerCheck reflects that he has been registered with LPL Financial LLC since March 7, 2017, and with Shepherd Financial Partners, LLC since March 26, 2018 (as an investment adviser representative, including Massachusetts and Texas IA registrations).
BrokerCheck also lists his recent employment history as:
- 03/2016 – Present: Shepherd Financial Partners — Portfolio Manager and Investment Advisor Representative (Winchester, MA)
- 02/2017 – Present: LPL Financial, LLC — Registered Representative (Winchester, MA)
BrokerCheck indicates no prior securities firm registration history was reported in the registration history section.
Samuel S. Shepherd Fraud Allegations and Investor Complaints Explained
BrokerCheck reports one disclosed customer dispute, and the disclosure matrix identifies it as pending (with no final customer dispute disclosures listed).
Pending FINRA Customer Dispute (Disclosure 1 of 1)
According to the BrokerCheck disclosure details, the reporting source is the broker, and the employing firms identified for the relevant period are LPL Financial LLC (CRD 6413) and Shephard Financial Partners, LLC (CRD 169093) (as spelled in the disclosure text). The customer alleges that the representative did not act in the best interest of the retail customer by recommending an unsuitable securities investment for the customer’s investment objectives between March 2022 and November 2022. The product type is listed as Equity Listed (Common & Preferred Stock), and alleged damages are stated as $1,400,000.00. The date notice/process served is 01/05/2026, and the matter is listed as an arbitration pending before FINRA, docket/case no. 25-02834.
BrokerCheck also includes the broker’s statement denying the allegations and asserting the claim is without merit, while stating that investments made for the customer were suitable for the customer’s investment objectives and risk tolerance.
Disclosure Summary (for Context)
- Disclosure Type: Customer Dispute
- Status: Pending
- Forum: FINRA Arbitration
- Case Number: 25-02834
- Allegation Window: March 2022 – November 2022
- Alleged Conduct: Failure to act in best interest / unsuitable securities recommendation
- Product Type: Equity Listed (Common & Preferred Stock)
- Alleged Damages: $1,400,000.00
- Date Notice/Process Served: 01/05/2026
- Disposition: Pending (no final disposition reported in the BrokerCheck report at this time)
To obtain a copy of Samuel S. Shepherd’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) generally requires a broker to have a reasonable basis to believe a recommended securities transaction or investment strategy is suitable for the customer based on the customer’s investment profile, including factors such as age, risk tolerance, financial situation, and investment objectives. In a complaint alleging unsuitable equity recommendations and failure to act in the customer’s best interest between March 2022 and November 2022, Rule 2111 is a core rule because it directly addresses whether the recommendations matched the customer’s stated objectives and risk profile.
FINRA Rule 3110 (Supervision) requires member firms to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable securities laws and FINRA rules. In the context of this pending customer dispute, Rule 3110 is relevant to whether the firms’ supervisory procedures, reviews, and escalation practices were sufficient to monitor the recommendations at issue, including suitability review and account supervision for listed equity investments.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad conduct rule requiring high standards of commercial honor and just and equitable principles of trade. When a customer alleges a representative failed to act in the customer’s best interest and made unsuitable recommendations, Rule 2010 is often analyzed alongside more specific conduct rules because the alleged misconduct may also implicate the broker’s overarching duty to deal fairly and ethically with customers.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.