Guidance requested! - Applicant with criminal record

[Phoenix_flies]

Hi,
I am a 28 yrs/B.Com.,CFA/8 yrs experienced guy from India. After working for 4 years I co-founded a financial services company in India. Then I went to Dubai to start its subsidiary, which was a member of a popular exchange. We made it big and were one of the top performers on the exchange. However things became bad when Dubai's economy started sinking and we defaulted on our debt in Dubai. There are no bankruptcy laws in Dubai for non-trading firms and the cheque that I had given as guarantee bounced. Dubai laws do not distinguish between personal and corporate debt. I was convicted, sentenced to jail for 3 months and I spent 91 days in hell. As things were still bad around, we decided to wind up the Dubai subsidiary and returned to India in 2008. Now I work as VP operations in my India business. One of my partners is the CEO. I am also working on a new project which is at planning stage.

Other details about me

Academics: Fifth rank holder in University in under-graduation. That should put my GPA close to 4, though we dont have a GPA system. Cleared CFA all levels in first attempts, though I am not supposed to claim so according to CFA standards and ethics.

Workex:
Full-time: First 2 years in a small town unknown broking company. The next 2 years in India's largest retail financial services company. I was part of a team that started a new business. I was a top-performer and nominated for employee of the year award.
Part-time: I am on the advisory board of a risk management company in UK and also do freelance consulting for some clients (including Fidelity).
I started working early (20th year) and so I have 8 years experience even though I am only 28.

Extra-curricular: Nothing great. Avid photographer. have done some activities in college and afterward.

GMAT: Just completed and got a 730 (48Q, 42V) in first attempt. Not planning to take again.

Career ambition: To start and manage a business that would employ at least 1000 employees. I would prefer to start the new venture while doing MBA. The plan that I have is related to corporate governance. My long run interest is to create a firm that would provide capital and consulting to small businesses (Small business consulting+VC)

Reason for MBA: I want to pursue an MBA because I believe a good MBA may provide me with better worldly knowledge and more importantly a network of friends and advisers for life. Next time, I want to do things right, bigger and in a more successful manner. I really want to learn how small businesses can survive in difficult environments.

I understand that I may not get a loan for my studies because of my record. My partners and family can help me arrange the complete funding.

Here are some questions that nag me.

- How much damage those 3 months have done to my chances at a top ranked B-school. Will the adcom admit someone with a criminal record? I read that cheque bounce per-se is not a crime in US, unless it is established that the cheque is given with malafide intent. Dubai has different laws and just a signature is enough to prosecute a person!
- How much focus should I lay on the 'event'? Can I use is for the 'bad experience/learning experience' question and ignore it in other questions?
- Suppose if I get admitted to a good school, will it be a problem getting a Visa?
- Will the adcom ask for any papers about my conviction? I dont have any and only way for them is to verify with the courts.

I searched the online forums for similar cases and I found none. Whatever criminal records are mentioned are for Drinking-driving and road traffic incidents. I think a good response to my questions may help some more people attempting to revive their careers after an unfortunate event but are simply shy or scared to ask openly in forums.

Thank you for reading the long mail. I await a frank response from the consultant

Regards.

[Lisa Anderson]

Dear Phoenix_flies,

It is hard to say how much of an impact your failed venture in Dubai will have on your business school applications. You will need to disclose the conviction and explain the circumstances; however, as you note, laws are different in different countries so how detrimental your conviction/incarceration is will vary. I would not go out of your way to focus on this event; most schools have a section where you are asked about criminal history and can explain any incidents. If you would like to write about your failed venture from a business perspective for a "learning experience" essay, I think you could do that. While I can't say it won't happen, I do think it is unlikely any school will ask for evidence (like papers) of your conviction. If a school does a background check on you, it has usually obtained enough information to independently verify with the jurisdiction (in this case, Dubai).

As for problems with a visa, that is a question I cannot answer. You will have a background check by these governments, so your visa will hinge on what shows up on that check regarding your conviction. It will also depend on your interviewer at the Consulate/Embassy and if there is any latitude depending on the type of conviction. Perhaps a reader who has been through the visa interview has some insight into the questions asked? You might try to do a little research on the governments' websites for the countries you are looking at (for the US, you will want to Google US Immigration & Customs Enforcement).

Good luck,
Lisa