Scott Mason, a suburban Philadelphia investment adviser, pled guilty Tuesday in federal court to charges that he misappropriated more than $20 million of his clients’ funds. Mason admitted to using the money for personal indulgences, including international travel, country club dues, and an investment in a New Jersey golf course.
Plea Accepted in Federal Court
U.S. District Judge Timothy Savage accepted Mason’s guilty plea following the prosecution’s reading of the charges. When asked by the judge if he committed the offenses outlined, Mason responded, “Yes,” as he stood behind the counsel table flanked by his attorneys.
The charges stem from Mason’s misuse of his advisory firm, Rubicon Wealth Management LLC, which prosecutors allege he used to siphon funds from clients who trusted him with their investments.
Restitution and Forfeiture Concerns
Judge Savage expressed doubts about Mason’s ability to meet the $20 million restitution demand, noting that the government has already secured $19 million in forfeiture. Assistant U.S. Attorney Jessica W. Rice indicated plans to seek approval from the U.S. Department of Justice to apply the forfeited funds toward the restitution.
Broader Legal Troubles
Mason and Rubicon Wealth Management are also defendants in several investor lawsuits filed in Montgomery County Court of Common Pleas, as well as a civil enforcement action by the U.S. Securities and Exchange Commission (SEC).
