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Former Rubicon Wealth Management President Pleads Guilty to Fraud Charges

Posted on February 20th, 2025 at 4:30 PM
Former Rubicon Wealth Management President Pleads Guilty to Fraud Charges

From the desk of Jim Eccleston at 麻花传媒

Scott Mason, former president of Rubicon Wealth Management, pleaded guilty to multiple fraud charges after federal prosecutors accused him of misappropriating over $17 million from clients, including his own widowed aunt. ThinkAdvisor reports that Mason entered his plea in U.S. District Court in Philadelphia less than two weeks after facing both criminal and civil charges from federal prosecutors and the Securities and Exchange Commission (SEC).

Between December 2016 and April 2024, Mason allegedly funneled millions from 13 Rubicon clients into personal accounts, funding international travel, country club memberships, credit card bills, and even purchasing a stake in a miniature golf course. Additionally, Mason used stolen funds to repay another Rubicon client, preventing them from uncovering a second fraudulent scheme, according to court documents.

Mason’s victims included high-net-worth individuals and longtime clients. His aunt, Star Sitron, and former AXA Equitable CFO Stanley B. Tulin previously filed civil sued him, with Tulin alleging that Mason and Rubicon converted over $20 million from him and his wife.

Civil lawsuits against Mason continue, with plaintiffs seeking full restitution. Benjamin Picker, attorney for several victims, expressed confidence that Mason will face appropriate sentencing and repayment obligations. While currently free on $100,000 bail, Mason has surrendered his passport and is prohibited from owning firearms. His sentencing is set for May 13.

Mason faces a maximum sentence of 80 years in prison and a $6.76 million fine, though prosecutors are expected to seek a sentence within the lower range of federal guidelines.

Stephen Miller, attorney for Tulin and co-chair of white-collar defense at Cozen O' Connor, suggested that Mason’s theft may exceed $25 million, significantly impacting Philadelphia’s cultural and philanthropic communities, as many victims were charitable and community-minded individuals.

Mason resigned from Rubicon in August 2023 amid financial misconduct allegations. His guilty plea underscores the severe consequences of advisor fraud and the SEC’s commitment to investor protection.

 

麻花传媒 LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

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