MURFREESBORO, TN - A 57-year-old man has turned himself in to authorities following an indictment issued by a Rutherford County Grand Jury, according to court records. David Ross is accused of stealing between $60,000 and $250,000 while working with at least one local nonprofit organization. He has also been charged with obtaining, possessing, buying, or using another person’s identification. Both of the charges are felonies. 

Court documents indicate the alleged theft began on or took place around January 1, 2022. However, Ross was not taken into custody until Wednesday, January 14, 2026 - when he was arrested by Detective Emily Speed, a fraud investigator with the Criminal Investigations Division of the Murfreesboro Police Department.

Following his arrest, Ross was booked into the Rutherford County Adult Detention Center. Shortly after booking, a court order temporarily prevented him from posting bond. The order required judicial approval of the source of the bonding funds through what is known as a “Lodged Order Approving Source Bond.”

The approval process took slightly more than six hours, during which the court reviewed and verified that the bond funds were derived from a legitimate, non-criminal source. Once approved, Ross was released the following morning on a $25,000 surety bond posted by Grumpy's Bail Bonds, LLC.

Details of the indictment remain sealed. However, publicly available information shows Ross has been involved with multiple nonprofit and civic organizations. A WordPress website titled “Ross Financial Planning” indicates Ross has been heavily involved with 1st Shot Basketball and previously served as a member of its board of directors. The site also states the business was a “Starting Five” sponsor of the organization.

The same website lists Ross as the primary sponsor of the Catalyst program for Rutherford and Cannon Counties through the United Way, a program designed to help develop leadership within nonprofit organizations.

This is not Ross’s first encounter with regulatory scrutiny. In 2008, Ross entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA) to resolve allegations related to violations of securities industry rules. According to FINRA, Ross accepted five loans from four customers while simultaneously engaging in two undisclosed outside business activities. One activity reportedly resulted in $1,500 in compensation, while another totaled approximately $50,000.

As part of that agreement, Ross consented—without admitting or denying the allegations—to a ten-month suspension from associating with any FINRA member in any capacity.

Ross is scheduled to return to court in April, where he is expected to enter a plea later this year.

Previous Actions: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE,
WAIVER AND CONSENT - NO. 20160496384-01 (Attached PDF)

Summary of FINRA Letter of Acceptance, Waiver and Consent (AWC) – David Albert Ross: The attached document is a Letter of Acceptance, Waiver and Consent (AWC) issued by the Financial Industry Regulatory Authority (FINRA) concerning David Albert Ross, a registered securities representative (CRD No. 3021782). The AWC resolves disciplinary allegations without Ross admitting or denying the findings.

Background - David Albert Ross entered the securities industry in 1998 and held Series 7 and Series 63 licenses. He was registered with Signator Investors, Inc. from 2000 to 2010, and later with Woodbury Financial Services, Inc. from 2010 until his termination in April 2016, according to FIN. Woodbury terminated Ross for failing to disclose outside business activities, accepting loans from clients, and violating firm policies.

Key Findings and Violations
Between 2008 and 2016, FINRA found that Ross engaged in a pattern of misconduct that included:

• Accepting customer loans: Ross reportedly accepted five loans from four customers totaling approximately $89,000, in violation of firm policies and FINRA/NASD rules.

• Undisclosed outside business activities: Ross allegedly failed to disclose two outside business activities, including paid consulting work and compensated service on the board of directors of a customer-related corporation, earning nearly $50,000.

• False compliance certifications: Informatgion from the FINRA states that Ross repeatedly and falsely attested on firm compliance questionnaires that he was following policies regarding customer loans and outside business activities.

Sanctions - As part of the settlement, FINRA imposed a 10-month suspension barring Ross from associating with any FINRA member firm in any capacity. No monetary fine was imposed after Ross demonstrated an inability to pay. The disciplinary action became part of Ross’s permanent regulatory record and is publicly disclosed through FINRA.

FINRA (Financial Industry Regulatory Authority) is a private, not-for-profit organization that acts as a self-regulatory body for broker-dealer firms and their representatives in the U.S., tasked with protecting investors and ensuring market integrity by writing and enforcing rules, examining firms, and disciplining misconduct, all under SEC supervision. It provides resources like BrokerCheck for investors to research professionals and firms and manages dispute resolution. 

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