Ex-Rep Arrested in Child Prostitution Sting Loses CFP Status

A former financial advisor arrested in January for online sexual corruption of a child in Eugene, Oregon, has had his certified financial planner designation suspended on an interim basis by the Certified Financial Planner Board of Standards.

Earlier this year, Nathan Duane Oeming responded to an online posting that law enforcement investigators created as part of a local sting operation focused on child prostitution.

Oeming later pleaded not guilty to first-degree online sexual corruption of a child, a local newspaper reported, despite the fact that he carried condoms and cash to the arranged meeting posted as being with a 15-year-old girl, according to an affidavit cited by the paper.

CFP Board Actions

On Feb. 5, the CFP Board requested Oeming show why his right to use the CFP mark should not be temporarily suspended. He did not respond, and the CFP Board’s counsel and the ex-advisor agreed to the interim suspension, waiving their rights to appear at the hearing.

On April 22, the CFP Board’s Disciplinary and Ethics Commission determined that 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,” the group explained.

The commission issued an interim suspension on April 29. The CFP Board now will complete an investigation and possibly hold further disciplinary proceedings.

Oeming is no longer registered as an advisor, according to his FINRA BrokerCheck record. He became an advisor in 2004 with Citigroup, moved to Morgan Stanley in 2009, D.A. Davidson in 2010 and then Commonwealth Financial in 2013; it terminated his affiliation on Jan. 15.

The former registered rep appeared at a pretrial conference on March 11 and is set to return to court on July 1.