I believe my friends are being scammed. I discovered this information on the person in question from a court case December 2017:
DEFERRED ADJUDICATION Jury Waived. Defendant arraigned. Defendant warned. Defendant enters plea of guilty before Court and prays that Court withhold adjudication of guilt under Art 42.12 C.C.P. Court finds that the evidence and Defendant's plea substantiates the Defendant's guilt of the offense of tamper w/govern record defraud/harm beyond a reasonable doubt as charged in the indictment. Adjudication of guilt Deferred and Defendant placed on probation for 4 years, subject to terms and conditions of probation served on Defendant. Fine: $500. Perform 150 hrs cs, anti-theft, corrective thinking, run CC w/199-83286-15.
When confronted the individual claims that he took a plea deal to avoid conviction. Can you plead guilty to a crime, get probation and simultaneously avoid a conviction?
This is important because he claims to be in the process of purchasing a FDIC insured bank and according to 12 U.S. Code § 1829 - Penalty for unauthorized participation by convicted individual, it should be illegal for him to engage in such activities even if they were legitimate.