United States Attorney Jacqueline C. Romero announced charges against Scott Mason, a 66-year-old investment adviser from Gladwyne, Pennsylvania. Mason faces allegations of wire fraud, securities fraud, investment adviser fraud, and filing false tax returns. The charges stem from two fraudulent schemes that allegedly took place between 2016 and 2024.

According to the information provided by authorities, Mason misappropriated more than $17 million from clients of his firm, Rubicon Wealth Management LLC. He is accused of transferring client funds to an entity he controlled and using the money for personal expenses such as international travel and country club memberships.

The allegations suggest that Mason targeted clients with whom he had built trust over time, including friends and family members. It is claimed that he liquidated their securities holdings to fund these transfers and either forged signatures or misrepresented the nature of the investments to obtain authorization.

Additionally, it is alleged that Mason used part of the proceeds to repay another client from whom he had previously misappropriated funds dating back to at least 2014. Authorities claim that none of this income was reported on his personal tax returns, resulting in a tax loss of approximately $3.225 million.

If convicted, Mason could face up to 80 years in prison and fines totaling $6.76 million. The FBI and IRS Criminal Investigation conducted the investigation into this case, which is being prosecuted by Assistant United States Attorney Jessica Rice. Concurrently, the Securities and Exchange Commission has also filed charges against Mason.

It is important to note that an indictment or criminal complaint represents accusations; a defendant remains presumed innocent unless proven guilty.