Shocking Allegations: Trusted Advisor Charged in $17M Fraud Scheme to Support Opulent Lifestyle – MyChesCo

PHILADELPHIA, PA — Scott Mason, a 66-year-old investment advisor from Gladwyne, Pennsylvania, is facing serious legal troubles. Federal authorities have charged him for his alleged role in two fraudulent schemes that misused over $17 million from his clients.

According to the U.S. Attorney’s Office, Mason ran a firm called Rubicon Wealth Management LLC. From 2016 to 2024, he is accused of taking money from 13 clients. Prosecutors say Mason used their funds for personal expenses, including international travel and membership fees for private clubs. He even bought a miniature golf course with their money.

Reports indicate that Mason forged signatures and gave false information to make these transfers look legitimate. Many victims of this scheme were longtime clients, including family and friends who had trusted him with their investments. It is also alleged that he used money from one victim to pay off another, attempting to hide his actions.

On top of this, Mason reportedly failed to report the money he gained from these schemes on his tax returns, leading to an estimated loss of $3.225 million in taxes.

If found guilty, Mason could face up to 80 years in prison and hefty fines exceeding $6.7 million. The investigation was carried out by the FBI and the IRS Criminal Investigation unit, with Assistant U.S. Attorney Jessica Rice overseeing the prosecution.

The Securities and Exchange Commission has also filed civil charges against Mason. It’s important to note that an indictment is just an accusation, and he is presumed innocent until proven guilty in court.