Main Line Investment Advisor Stole Millions From Clients: Authorities

GLADWYNE, PA — An investment advisor from Gladwyne has been accused by state authorities of misappropriating millions of dollars from his clients, many of whom authorities said were his friends and family members.

United States Attorney Jacqueline C. Romero Friday said Scott Mason, 66, of Gladwyne, was charged by criminal information with wire fraud, securities fraud, investment advisor fraud, and filing false tax returns.

Authorities said the charges stem from two fraudulent schemes that Mason, through his investment advisory firm Rubicon Wealth Management LLC, orchestrated to divert millions of dollars in client funds in order to finance his lavish lifestyle.

According to prosecutors, from 2016 to 2024, Mason — who had a fiduciary duty to make investment decisions in his clients’ best interests — transferred more than $17 million from 13 Rubicon clients to an entity that he owned and controlled.

Mason is accused of using that money to pay for international travel, country club membership dues, credit card bill payments, and an ownership stake in a Jersey Shore-based miniature golf course.

Additionally, Mason targeted clients he had longstanding relationships with and who trusted him implicitly, including longtime friends and family members.

The AG's office said he often liquidated those clients’ securities holdings to finance the fraudulent transfers. Mason allegedly either forged client signatures on distribution authorization forms, or omitted all pertinent details of the so-called “investments” when seeking client authorization for the transfers and instead falsely represented that he was investing client funds in diversified short-term bonds, according to authorities.

But investigators claim Mason actually was converting client funds to his own personal use. He also used some of the proceeds to repay another client, from whom he allegedly misappropriated several million dollars to avoid detection by that victim, authorities said.

Lastly, charging documents allege he failed to report any of his fraud proceeds on his personal income tax returns, generating a tax loss of approximately $3.225 million.

If convicted, Mason faces a maximum possible sentence of 80 years’ imprisonment and a fine of $6,760,000.

The Securities and Exchange Commission also announced charges against Mason Friday, the Pennsylvania Attorney General's Office said.