Investment adviser from Gladwyne accused of stealing over $17 million

Public safety has taken a hit in the Gladwyne community as a local man faces charges for orchestrating a fraudulent scheme that misappropriated over $17 million from unsuspecting friends and family members. The defendant, Scott Mason, aged 66, stands accused of a complex fraud that targeted individuals close to him, involving the liquidation of their securities to facilitate illegal transfers through his company, Rubicon Wealth Management LLC.

According to federal prosecutors, Mason misled his clients by claiming to invest their money in diverse short-term bonds while using the funds for unauthorized purposes. Allegations suggest that he resorted to forging client signatures on critical documents or withholding pertinent information regarding the supposed investments during the transfer process. Consequently, Mason’s actions were deemed fraudulent, as he diverted client funds for personal use and even reimbursed another Rubicon client, from whom he had allegedly misappropriated several million dollars.

Court documents reveal that Mason intentionally omitted reporting the proceeds from these illicit activities on his personal tax returns, resulting in a substantial tax loss of approximately $3.225 million. As a consequence, Mason now faces a slew of charges, including wire fraud, securities fraud, investment adviser fraud, and filing false tax returns.

If convicted, the defendant could potentially face a maximum prison sentence of 80 years and hefty fines amounting to $6.76 million. While the particulars of Mason’s custody status remain unspecified, the severity of the allegations against him paints a bleak portrait of financial misconduct within the local community.

This case underscores the importance of diligence and transparency in financial dealings, especially when trusting individuals with managing one’s investments. The impact of fraudulent schemes can be devastating, not only financially but also in terms of eroding trust and relationships among those affected by such deceitful practices. As the legal proceedings unfold, it serves as a stark reminder of the need for thorough oversight and accountability in the realm of financial management to safeguard against potential exploitation and fraud.