Scott Mason Allegedly Misappropriated Millions

Scott Mason (CRD# 1023965[1]), formerly an adviser registered with Rubicon Wealth Management, misappropriated millions in client funds, according to investor disputes. MDF Law is investigating the former Blue Bell, Pennsylvania-based financial professional for similar conduct. If you have concerns about your accounts, contact us for a free consultation.

To learn more about the allegations against Mr. Mason, continue reading this post. The information below is sourced from his Investment Adviser Public Disclosure form, a Securities and Exchange Commission record reviewed on September 16, 2024.

Pending Disputes Allege Misappropriation

In 2024, five parties of investors filed disputes involving Mr. Mason. All five disputes allege that he misappropriated funds. The disputes, all of which are still pending, seek more than $14 million in cumulative damages.

Mason Resigned over Misappropriation Allegations

Mr. Mason’s Investment Adviser Public Disclosure form includes two other disclosures relating to allegations that he misappropriated funds. One explains that he voluntarily resigned from Rubicon Wealth Management in August 2024 over misappropriation allegations. The other notes that in May 2024, the United States Securities and Exchange Commission undertook an investigation into “certain transfers of client funds to a related party.” This probe is still ongoing.

Report: Clients File Lawsuits Against Scott Mason

A ThinkAdvisor report[2] published on August 14, 2024 sheds some additional context on the allegations against Mr. Mason. As it explains, he and his firm are currently facing “two civil lawsuits” concerning allegations of misappropriation from clients. One of the clients is his “widowed aunt,” who alleges that he misappropriated more than $3.2 million. The other is a retired CEO of AXA Equitable who alleges that Mr. Mason converted more than $20 million from his accounts. According to the retired CEO’s lawsuit, Mr. Mason used the funds for personal expenses, including “vacations, real estate, [and] elaborate weddings for their children.”

Mr. Mason’s aunt detailed similar allegations in her complaint. As the report notes, she alleges that he misappropriated more than 60% of her portfolio and made false statements about her funds when asked about them. She alleges that he used them “for personal expenses, including investment in a miniature golf course at the New Jersey shore,” according to ThinkAdvisor. The article adds that Mr. Mason is under investigation by both the SEC and the Federal Bureau of Investigation. Neither the SEC nor the FBI made any comment about the investigations. 

FINRA: Mason Last Based in Blue Bell, Pennsylvania

Scott Mason launched his career as an adviser in 2008, according to his Investment Adviser Public Disclosure form. That year, he registered with Rubicon Wealth Management in Blue Bell, Pennsylvania, where he remained until his resignation in 2024. He also briefly registered with Lansing Street Advisors in Bala Cynwyd, Pennsylvania, from March 2023 until July 2024.

MDF Law Advocates for Investors

Have you lost money on investments recommended by Scott Mason? You may have grounds to seek recourse by filing a FINRA arbitration proceeding. Call MDF Law at 800-767-8040 to discuss your claim with our team. MDF Law takes cases on contingency, meaning you only pay a fee if you win, and we currently offer free consultations across the US. Your time to file a claim may be limited, so please call today.