I just received a full-time offer at an MM bank. A few years ago I was in the wrong place at the wrong time and got arrested and charged with 1st (felony) and 2nd (misdemeanor) assault. The charges were later downgraded to two misdemeanors, and then dropped altogether. I was never convicted of anything and the matter has been put to rest in the eyes of the law. I am getting the charges expunged but it's a loooooong bureaucratic process and either way they will show up on the background check through the FBI fingerprint database.
I haven't submitted my consent to the background check yet but I have verbally accepted the offer and confirmed a start date with my would-be analyst. Should I call him before and disclose all of this before the background check flags me to HR? I worked really hard to get what is basically my dream job and would hate to have the offer rescinded over not playing this the right way.
Relax - you should be fine.
I've seen this happen time and time again. First of all, are you in New York? If you are, the law is even more on your side.
Bad news: Yes, your charges will show up on the FBI background report. So if your application specifically asks whether you've been charged with a felony, you'll have to select yes. I know that one of your charges was downgraded to a misdemeanor from a felony but if asked if you were ever charged with a felony, I would disclose it just to be on the safe side. The charges themselves are not enough to disqualify you from the position but lying on the application is.
Good news: Note that most applications ask for convictions, so if you've never been convicted of anything, you don't have to disclose your arrest. Even then, if they ask for information about your arrests, they usually just ask if it's related to a felony or any charge related to securities law. I've never seen or heard anyone, although I'm sure there are some rare cases, getting an offer rescinded in banking for charges that were later dismissed.
New York: Many states have discrimination laws designed to protect people with a criminal record. New York has one of the strictest where the firm isn't even allowed to do a background check before extending an offer. Even then, the firm has to prove that the particular offence demonstrates your inability to do your job (which in this case it doesn't). Aaand, the employer has to give you a "Fair Chance" to explain the circumstances to HR and how you've improved from the person you were before.
What to do now: It's very likely that HR will see the charges and, like their policy requires, ask for follow up information regarding the arrest including an official signed court document detailing the outcome of the case. Don't worry, a quick trip to the courthouse should resolve that and some districts may allow you to order it online. Do not panic and call HR telling your story of what happened, how the cops were assholes about it, etc. They don't want to know and you don't want to tell them.
A note about FINRA: FINRA has a solid zero-tolerance rule against granting people Series licenses with any felony convictions or any conviction related to securities law. If you can't get your series license, you can't be an investment banker. So for the love of god, stay out of trouble!
Note about expungements: The sooner you can get it, the better. Despite what the court says, it will still show up on some background checks and will most certainly show up on the FBI check; which sucks! But, if you have an expungement document ready - HR won't ask you anymore questions after that.
Thank you so much for the response, really helps a lot to hear from someone in the industry. I know large financial institutions are about as strict as they come with regards to employment (especially with all the FINRA wrinkles) so as much as people have tried to give me advice, I have heard a lot of conflicting opinions.
Do you mind if I PM you?
Yeah man - go right ahead.
Do you have any updates on this?
Does it affect your offer at the end? Thanks!
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