Scott Mason, a 66-year-old investment adviser from Gladwyne, Pennsylvania, faces serious charges including wire fraud, securities fraud, investment adviser fraud, and filing false tax returns. These charges stem from two fraudulent schemes allegedly orchestrated through his firm, Rubicon Wealth Management LLC.
According to the criminal information filed by United States Attorney Jacqueline C. Romero, between 2016 and 2024, Mason misappropriated over $17 million from 13 clients. It is alleged that he redirected these funds to an entity he controlled for personal use. His expenditures reportedly included international travel, country club memberships, credit card bills, and purchasing an ownership stake in a Jersey Shore miniature golf course.
Mason is accused of targeting clients who trusted him implicitly due to longstanding relationships. He allegedly liquidated their securities holdings to facilitate fraudulent transfers and either forged client signatures or misrepresented the nature of these "investments." Instead of investing in diversified short-term bonds as claimed, Mason is accused of converting the funds for personal use.
The information also states that Mason used some proceeds to repay another Rubicon client whom he had defrauded since at least 2014. This repayment was purportedly intended to prevent detection by that victim.
Additionally, it is alleged that Mason failed to report any fraud proceeds on his income tax returns, resulting in a tax loss of approximately $3.225 million.
If convicted on all counts, Mason could face up to 80 years in prison and fines totaling $6.76 million. The FBI and IRS Criminal Investigation led the investigation into this case with prosecution by Assistant United States Attorney Jessica Rice. Concurrently, the Securities and Exchange Commission has announced charges against Mason.
It should be noted that an indictment or criminal complaint is merely an accusation; defendants are presumed innocent unless proven guilty.