Wealthy Scam: Trusted Advisor Faces $17M Fraud Charges Behind Extravagant Living

PHILADELPHIA, PA — Federal officials have disclosed allegations against Scott Mason, a 66-year-old investment consultant from Gladwyne, Pennsylvania, for his purported role in two fraudulent operations that misappropriated over $17 million in client assets.

As indicated in the criminal indictment filed by the United States Attorney’s Office, Mason, via his advisory firm Rubicon Wealth Management LLC, purportedly diverted funds from 13 clients between 2016 and 2024. Prosecutors assert that Mason rerouted the money to an organization he oversaw, utilizing it for personal expenditures which included international travels, private club memberships, and the acquisition of a miniature golf course.

The accusations further claim that Mason forged client signatures or presented deceptive information to acquire consent for the transfers. Numerous alleged victims were individuals who had long-standing connections with Mason, such as family and friends, who placed immense trust in him. Authorities also assert that he utilized the proceeds from one scheme to repay another client, allegedly to obscure his activities.

Moreover, Mason is charged with neglecting to report his illicit gains on tax filings, resulting in an estimated tax loss of $3.225 million.

If found guilty, Mason could face a maximum possible sentence of 80 years in prison and penalties exceeding $6.7 million. The inquiry was conducted by the FBI and IRS Criminal Investigation, with Assistant U.S. Attorney Jessica Rice leading the prosecution.

The Securities and Exchange Commission has also filed complementary civil charges against Mason. Officials stress that an indictment or filing is merely an allegation, and Mason is considered innocent until proven guilty in a court of law.

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