Scott Mason, a 66-year-old investment advisor from Gladwyne, Pennsylvania, has been charged with multiple counts of wire fraud, securities fraud, investment adviser fraud, and filing false tax returns, the U.S. Attorney’s Office for the Eastern District of Pennsylvania announced on January 17.
Mason, who ran Rubicon Wealth Management LLC, is accused of diverting millions of dollars from clients for personal use between 2016 and 2024. According to the criminal complaint, Mason transferred over $17 million from 13 of his clients to an entity he controlled.
The funds were allegedly used for a lavish lifestyle, including international travel, country club dues, credit card bills, and even a stake in a Jersey Shore miniature golf course.
Court documents reveal that Mason targeted close family, friends, and trusting clients, often liquidating their securities to carry out the fraudulent transfers. He allegedly forged client signatures on authorization forms and falsely claimed that their funds were being invested in diversified short-term bonds. In reality, the funds were used for Mason’s personal gain.
The indictment also claims that Mason used a portion of the misappropriated funds to pay back another client from whom he had stolen millions since 2014, likely to avoid detection.
In addition to the fraud charges, Mason failed to report the illicit proceeds on his personal tax returns, resulting in a tax loss of approximately $3.2 million.
If convicted, Mason faces up to 80 years in prison and a fine of up to $6.76 million. The case highlights the significant consequences of financial fraud and underscores the U.S. government’s ongoing efforts to hold individuals accountable for financial crimes.
