The U.S. Securities and Exchange Commission has charged former Pennsylvania-based investment adviser Scott J. Mason, Rubicon Wealth Management LLC, and Orchard Park Real Estate Holdings LLC with misappropriating more than USD 20 million from at least 13 advisory clients. According to the SEC’s complaint, the alleged misconduct ran from at least 2014 to 2024 and involved unauthorized transfers from client accounts to Mason and his entities, use of client funds for personal expenses and other purposes, and efforts to conceal the activity through forged client signatures, misrepresentations, and the provision of fake account statements and tax documents. The complaint was filed in the U.S. District Court for the Eastern District of Pennsylvania and alleges violations of the antifraud provisions of the federal securities laws; Mason and the entities have consented to permanent injunctions, with disgorgement, prejudgment interest, and civil penalties to be determined later, subject to court approval. In parallel, the U.S. Attorney’s Office for the Eastern District of Pennsylvania has announced criminal charges against Mason.
U.S. Securities & Exchange Commission 2025-01-17
U.S. Securities and Exchange Commission charges former Pennsylvania investment adviser Scott Mason and two entities over alleged USD 20 million client misappropriation
The U.S. Securities and Exchange Commission charged former investment adviser Scott J. Mason and his entities with misappropriating over USD 20 million from clients through unauthorized transfers and fraud from 2014 to 2024. The SEC's complaint, filed in the U.S. District Court for the Eastern District of Pennsylvania, alleges violations of antifraud provisions, with Mason consenting to permanent injunctions and pending financial penalties. Concurrently, the U.S. Attorney’s Office announced criminal charges against Mason.