A Pennsylvania investment adviser will serve more than eight years in prison and has to pay back more than $24 million, according to United States Attorney David Metcalf.
Scott Mason, 66, of Gladwyne used his investment advisory firm, Rubicon Wealth Management LLC, to divert millions in his clients’ funds to fund his lavish lifestyle. United States District Judge Timothy J. Savage sentenced him to 97 months in prison and $24,998,596.46 in restitution to his victims, as well as more than $2 million to the IRS.
According to documents, Mason stole more than $17 million from 13 clients and used it for overseas travel, country club fees, credit card bill payments, and the acquisition of a share in a miniature golf facility. He also failed to record the proceeds on his income tax filings, resulting in a tax loss of more than $3 million.
Mason selected clientele with whom he had a lengthy history and those who trusted him totally. His victims included longtime friends and family members.
Mason pleaded guilty earlier this year to wire fraud, securities fraud, investment adviser fraud, and filing false tax returns.