Pennsylvania man sentenced for multi-million dollar fraud scheme
June 26, 2025
Pa. investment adviser stole millions from clients in yearslong scheme
Scott Mason, who once ran a trusted investment firm, was sentenced for stealing nearly $25 million from clients in a yearslong financial fraud scheme.
A Main Line investment adviser stole millions of dollars from his clients in order to fund a lavish lifestyle over the span of several years.
Scott Mason, 66, of Gladwyne, Pennsylvania, was sentenced on Wednesday, June 25, 2025, to 97 months in federal prison and three years of supervised release after pleading guilty to wire fraud, securities fraud, investment adviser fraud, and filing false tax returns. U.S. District Judge Timothy J. Savage also ordered Mason to pay more than $27 million in restitution — nearly $25 million to his victims and over $2.3 million to the IRS.
WATCH HEREAccording to prosecutors, Mason ran his schemes through Rubicon Wealth Management LLC, a firm he owned and operated. Instead of managing clients’ investments as promised, Mason misappropriated more than $17 million from 13 clients — many of whom were longtime friends or family members who trusted him deeply.
Rather than investing the money in legitimate financial products, Mason used the funds to bankroll a luxurious lifestyle that included international travel, country club memberships, and credit card payments. He even purchased a stake in a miniature golf course along the Jersey Shore.
SIGN UP Court documents revealed that Mason often liquidated clients’ portfolios without their knowledge, forged signatures, or misled them about the purpose of the transfers, claiming the money was being invested in secure, short-term bonds. In reality, the cash was going directly into accounts Mason controlled.
In one instance, he used some of the money to partially repay another client he had been defrauding for more than a decade in an attempt to cover his tracks. Even after those repayments, Mason pocketed over $6 million from that single victim.
The financial deception didn’t stop there. Mason also failed to report any of the stolen funds on his tax returns, costing the federal government roughly $3.2 million in lost tax revenue.
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“Frauds like the one Mr. Mason perpetrated on his clients damage the trust and integrity of our financial systems,” said Wayne A. Jacobs, Special Agent in Charge of the FBI’s Philadelphia Division. “The FBI and our law enforcement partners will continue working to hold accountable those who prey on the trust of others for personal gain.”
Yury Kruty, Special Agent in Charge of IRS-Criminal Investigation in Philadelphia, echoed that sentiment.
“Today’s sentencing shows how seriously the courts take federal tax crimes,” he said.
The case was investigated by the FBI and IRS-Criminal Investigation, with support from the SEC’s Philadelphia office. Assistant U.S. Attorney Jessica Rice led the prosecution.
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