Working in the Financial Industry?

Discussion in 'Professional Trading' started by anoninnyc, May 17, 2013.

  1. anoninnyc


    Hi All,
    I’m attempting to break into the financial industry, but want to know if it’s worth it, as I do have a minor criminal history.
    In 2010, I was convicted of 1 misdemeanor- fraud which amounted in the loss of $100. At the time of the crime, I was 19 years of age. I was sentenced to “time served” in jail (which was about 8 hours in booking the day I was arrested), and payed fines less than $500. Also, I was put on probation for a little under a year.

    Less than one year after conviction, the conviction was expunged and probation ended. The commissioner who expunged the conviction stated that the conviction cannot be used against me for the purposes of employment. While the crime is not view-able to most employers running background checks, it is view-able to FDIC, FINRA, SEC, FBI, etc. Also, considering the fact that most financial institutions conduct VERY thorough background checks, I don’t doubt that a prospective employer in the financial industry would be able to uncover the original conviction.

    Now, I understand that breaking into the financial industry, as an Institutional trader or Investment banker, etc…, requires various forms of licensing. I also understand that, in order to work as an institutional trader or investment banker, I would have to file an application/ waiver form with various govt. licensing committees (given that my crime pertained to dishonesty).

    My question is as follows:
    Given my criminal background and situation, do you think I would, after submitting any pertinent applications/waivers, be able to obtain licensing needed to work as a Institutional trader or Investment Banker?

    Anon in NYC
  2. To my understanding yes, especially if a year or two have passed given the severeness of your sentence.

    Generally from what I have read after 5 years things are calm for licensing anyway. I would NOT try to hide it for licensing purposes, though - you are supposed to answer truthfully there, and failure to do so will get you in trouble not for the background but for the new lies.
  3. chimera


    damm that's tough...all that for $100 fraud?

    Legally I am not sure. Ask a qualified lawyer not here.