I have a goodhearted but dumb friend who was convicted of a few white collar some 5-10 years back. I have heard that a few of such crimes don't prohibit firearms ownership. Is this true at all. I know he was guilty of forgery (checks) and I believe felony theft (due to the amount). Assuming that there are white collar loopholes would these still bar him from ownership. My feeling is "yes" but I wanted to be sure, & this is the place to find out.

What state?  Some states have ways that you can get records expunged or otherwise cleared after several years, others you can't.  Unfortunately I might bet that the Feds aren't so lenient.  Once you're clanged you stay clanged.

You'll have to check, but I doubt that felony larceny is on the list of "white collar" crimes. It's not really a "white collar" crime. The exception applies to things like securites fraud, insider trading, etc.