PHILADELPHIA, PA — Federal authorities have announced charges against Scott Mason, a 66-year-old investment advisor from Gladwyne, Pennsylvania, for his alleged involvement in two fraudulent schemes that misused over $17 million in client funds.
According to the criminal information filed by the United States Attorney’s Office, Mason, through his advisory firm Rubicon Wealth Management LLC, allegedly misappropriated funds from 13 clients between 2016 and 2024. Prosecutors claim Mason redirected the money to an entity he controlled, using it for personal expenses that included international travel, private club fees, and the purchase of a miniature golf course.
The charges further allege that Mason forged client signatures or provided misleading information to obtain authorization for the transfers. Many of the alleged victims were individuals with longstanding relationships with Mason, including family and friends, who placed significant trust in him. Authorities also claim he used proceeds from one scheme to repay another client, allegedly to conceal his activities.
Additionally, Mason is accused of failing to report his fraud proceeds on tax returns, resulting in an estimated tax loss of $3.225 million.
If convicted, Mason faces a potential maximum sentence of 80 years in prison and fines exceeding $6.7 million. The FBI and IRS Criminal Investigation conducted the inquiry, and Assistant U.S. Attorney Jessica Rice is leading the prosecution.
The Securities and Exchange Commission has also announced parallel civil charges against Mason. Authorities emphasize that an indictment or filing is an accusation, and Mason is presumed innocent unless proven guilty in court.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.