http://www.avvo.com/legal-guides/ugc/deferred-findings-in-virginia--not-always-as-great-as-they-seem
Several charges in Virginia (including domestic assault and possession of marijuana) provide the possibility of a “deferred finding" for a first offense. A deferred finding is when a defendant comes before the court, pleads guilty (or no contest) to the charge, the court finds enough facts to prove guilt, BUT withholds a conviction for a period of time.
If during that period of time, the defendant does everything the court orders him to do, it DISMISSES the charge. In many cases, this provides a huge benefit to the defendant. But in other cases, it’s not such a gift.
1) They are not expungeable - Defendants must be aware that just because a deferred finding is entered, and the charge is dismissed, that does not mean the arrest record is expunged.
2) You can still be convicted (and you give up any chance of a defense) - Being granted a deferred finding does not mean that the defendant’s charge will automatically be dismissed. The dismissal MUST be EARNED. As a condition of most deferred findings, the court will require probation, educational courses, community service, and/or additional requirements, depending on the case. If those requirements are not fulfilled, the defendant will be brought before the court to “show cause" why a conviction should not be entered.
What is more, once the defendant is show caused, he or she cannot then argue innocence to the underlying charge. By accepting a deferred finding, you are admitting guilt (or at the very least, that you would lose at trial). Therefore, arguing actual innocence will not assist you in avoiding a conviction.