Scott Mason, owner, president, and investment adviser at Rubicon Wealth Management in Blue Bell for nearly 30 years, had fraud charges filed against him by federal prosecutors on Friday, January 17, The Philadelphia Inquirer reported.

According to the story, Mason, 66, of Gladwyne, “took money from clients’ accounts to finance his Main Line lifestyle and lied when they asked where he had placed their millions.”

The government says that he defrauded 13 of Rubicon’s 115 clients out of at least $17 million. He faces charges of wire fraud, securities fraud, investment adviser fraud, and filing false tax returns, and a maximum possible sentence of 80 years’ imprisonment and a $6.7 million fine.

From the story:

Rubicon advertised itself as a firm focused on publicly traded stocks and bonds. According to prosecutors, clients gave Mason instructions on how to invest their money through accounts held mostly at two large mainstream investment custodians, SEI Private Trust Co., based in Oaks, and Fidelity Investments of Boston.

But, according to prosecutors, starting in 2016, Mason began moving clients’ funds without their permission out of those accounts.

Also that year, Mason, who was Rubicon’s owner, president, and investment adviser, took on the additional role of chief compliance officer, making him the watchdog overseeing his own actions, according to the SEC complaint.