HELP! IS MY FUTURE IN FINANCE DOOMED WITH A CRIMINAL RECORD?
October 13, 2010 6:23 PM   Subscribe

Help! Is my future in finance doomed with a criminal record?

First and foremost, I write this with great humility and sorrow. I made a few mistakes when I was a freshman in college and now paying for it immensely.

I graduated from a top-tier undergrad business program near the top of my class two years ago. Participated in a few clubs and now active in my local volunteer programs including food drives and habitat for humanity. I have been working at a company for the last two years since grad, but it offers no career advancement and I am trying to pursue other finance-intensive opportunities. Problem is, I've had three job offers (corp. fin, equity research, investment management) rescinded due to my previous criminal record. I have been upfront during my interviews, and during the application process, always filled out a YES to any question regrading criminal history. I have actually received oral offers from all three companies, but after going through the background check, all of these offers have been rescinded. The last offer that was withdrawn came from a Wall Street bank (my dream city and position) and it felt like I got the wind knocked out of me and am still struggling to even breathe.

The two incidents in question were two small misdemeanors that occurred when I was a freshman:

- Petit larceny for $5 product but was later changed to trespassing (spent a day in detention center as a fine).
- Urination in public (paid a fine, didn't know this would permanently be on my record)

State law prohibits expungement of any kind if you are guilty of a crime. What are the implications moving forward if I am to pursue a career in finance?

My other question regards to the petit larceny --> trespassing charge. My most recent consumer report showed both the charge and conviction on the report, however, in the past 3 or 4 consumer reports, it only showed the conviction. Do different third party agencies run different levels of the offense? If I were to run a self-background check, which company would be the best to use?

Should I switch to another industry for my career? I have tried contacting lawyers regarding my previous convictions but because the statute of limitations have passed for each offense (and expungement/sealing was never an option in the first place), they rarely stay on the line for more than 30 seconds before hanging up on me.

Is my future in finance (which hasn't even begun) doomed...? Sure feels like it...

Throw away account for email responses: recentgrad0804@gmail.com

I sincerely appreciate any help or insight into this.
posted by anonymous to Work & Money (7 answers total) 4 users marked this as a favorite
 
State law prohibits expungement of any kind if you are guilty of a crime.

(and expungement/sealing was never an option in the first place)


What state is this and do you have a citation? Because in some states it is possible to mititgate the consequences of a felony conviction nevermind what you were convicted of, which in NY would be a misdemeanor and a violation.

Take a look at Relief from the Collateral Consequences of a Criminal Conviction: A State-By-State Resource Guide, by Margaret Colgate Love

posted by mlis at 6:56 PM on October 13, 2010 [2 favorites]


Can't you just downplay it?

Say something like: "I have two minor criminal convictions for trespassing and public urination. Long story short, I was kind of a party animal in college for a year or two, things got out of control one night, and I don't really remember much more of it." That seems like it would cover it pretty well. It's not like they're going to call up the police and ask them (and not like they could get an answer anyway).
posted by Slinga at 8:12 PM on October 13, 2010


Sorry, but you're probably not going to be able to work in finance.

Any person working for an FDIC or otherwise federally or privately insured financial institution must be under the coverage of a bond. FDIC rules explicitly rule out many criminal behaviors.

Your only possible recourse would be to privately/personally bond - at great out-of-pocket expense=, but I doubt that in today's job market you can sell that to a potential employer.
posted by yesster at 8:18 PM on October 13, 2010


Look into a Governor's Pardon
posted by Raichle at 8:34 PM on October 13, 2010


I'd try a boutique equity research or M&A advisory shop that isn't under the microscope of the bank regulators. A firm like that will still have to deal with FINRA and the SEC, but maybe a smaller firm will have more bureaucratic flexibility.

It might be interesting to find out how the CFA code of ethics applies. A CFA charterholder can commit certain crimes without losing their designation, so long as the crime isn't investment-related and doesn't involve fraud, deceit or dishonesty. Theft would definitely be a violation, but I don't know how the CFA Institute would view a crime committed by a member before that person became a charterholder.

I only bring it up because the CFA code of ethics is very thorough and taken seriously. It has nothing to do with regulators, of course. But if you find out that the CFA Institute is fine with your situation then I imagine there are others who have had similar issues and still ended up with a career in the investment industry.
posted by mullacc at 8:57 PM on October 13, 2010


You do have a future in finance, you've just got to approach it properly.

mullac has outlined one possible path. Another might be providing your services via another business.

Banks are huge employers of contractors and subcontractors. When I was running a large team at ABN well over half my staff were contractors, and some of my sub-teams approached 80% (niche quantitative skills, impossible to otherwise source).

Many of these contractors were vetted by their firms which were frequently eager to get the business and would either not background check, not pass along questionable results or certify your integrity via their firms rep / business relationship.

So forget going direct, contract. You'll get a higher level of renumeration and avoid a lot of the inquires that would go along with direct employment.

Alternatively look abroad; many European nations don't engage in the same level of scrutiny as squeaky clean American or tend to be more accommodating of the low level infractions you've noted.

MeMail if you'd like to chat further!
posted by Mutant at 12:56 AM on October 14, 2010 [1 favorite]


I agree with mullacc and mutant that this doesn't mean you can't ever work in finance.

First, you say that you've had three offers, but that they subsequently fell through. Do you know that they fell through because of your background? Or ar just speculating?

Second, mutant and mullacc present a bunch of options that may provide a path. The suggestion about the CFA program is a good one. I would contact them with your questions. Even better if you have an established relationship with a CFA charter holder, as him or her to make an inquiry on your behalf.
posted by dfriedman at 8:10 AM on October 14, 2010


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