CFP Board Imposes an Interim Suspension on Nathan D. Oeming of Eugene, Oregon
Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it has imposed an interim suspension of the CFP® certification against Nathan D. Oeming, which was effective as of April 29, 2020.
In April 2020, the Disciplinary and Ethics Commission (“Commission”) issued Nathan D. Oeming of Eugene, Oregon an interim suspension of his right to use the CFP® certification marks. CFP Board staff discovered that the Respondent is named as the primary defendant in the State of Oregon v. Nathan Oeming (Case Number 20CR04397) under which Mr. Oeming is charged with a felony not arising out of the provision of financial services. On February 5, 2020, CFP Board issued an Order to Show Cause directing Mr. Oeming to show why his right to use the CFP® marks should not be temporarily suspended pending the outcome of an investigation by CFP Board pursuant to Article 5.1 of CFP Board’s Disciplinary Rules and Procedures (“Disciplinary Rules”). Mr. Oeming had the burden to prove, by a preponderance of the evidence, that the aforementioned alleged conduct did not pose an immediate threat to the public and that the gravity of his alleged conduct did not significantly impinge upon the stature and reputation of the CFP® marks. Mr. Oeming did not file a response to the Order to Show Cause, and CFP Board Counsel and Mr. Oeming consented to the imposition of an interim suspension by the Commission and waived their rights to appear at the hearing. On April 22, 2020, the Commission determined in a paper review hearing that Mr. Oeming failed to prove that he did not pose an immediate threat to the public and that the gravity of his alleged conduct did not significantly impinge upon the stature and reputation of the CFP® marks. Therefore, the Commission issued an interim suspension to Mr. Oeming. Under the interim suspension order, Mr. Oeming’s right to use the CFP® marks is suspended pending CFP Board’s completed investigation and possible further disciplinary proceedings. The interim suspension order became effective on April 29, 2020.
An interim suspension is the temporary suspension by the Commission of a CFP® professional’s right to use the marks for a definite or indefinite period of time while proceedings conducted pursuant to the Disciplinary Rules are pending against the CFP® professional.
The basis for this decision can also be found on CFP Board’s website. The public may check on an individual’s disciplinary history and certification status with CFP Board at https://www.cfp.net/verify-a-cfp-professional. That website also provides links to the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck and the U.S. Securities and Exchange Commission’s (SEC) Investment Adviser Public Disclosure databases, which are free tools that may be used to conduct research on the background and experience of CFP® professionals who are subject to FINRA or SEC oversight, including with respect to employment history, regulatory actions, and investment-related licensing information, arbitrations, and complaints.
CFP Board’s enforcement process is a critical consumer protection. As part of their certification, a CFP® professional agrees to abide by CFP Board’s Code of Ethics and Standards of Conduct (Code and Standards), or its predecessor, the Standards of Professional Conduct (Standards), which included the Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards.
CFP Board enforces its ethical standards by investigating incidents of alleged violations and, where there is probable cause to believe there are grounds for discipline, presenting a Complaint containing the alleged violations to the Commission pursuant to CFP Board’s Disciplinary Rules. If the Commission determines there are grounds for discipline, then it may impose a sanction ranging from a private censure or letter of admonition to the suspension or revocation of the right to use the CFP® marks. CFP Board’s Disciplinary Rules set forth the process for investigating matters and imposing discipline where violations have been found.
Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public’s awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms and consumer groups as the standard for financial planning, CFP® certification is held by more than 86,000 people in the United States.