Wealth Adviser’s $20 Million Scheme, Mini Golf Buy Draws SEC Suit

A Pennsylvania-based investment adviser should have his wealth management firm shuttered after he transferred more than $20 million in client funds to himself for personal purchases, such as a miniature golf investment, the Securities and Exchange Commission said.

Scott Mason, 66, served as president of Rubicon Wealth Management LLC when he began making unauthorized transfers of its clients’ money to another entity, Orchard Park Real Estate Holdings LLC, for his own benefit, the SEC’s Jan. 17 complaint said. From at least 2016 until April 2024, Mason would sell client securities holdings, wire the proceeds to Orchard Park, then commingle the ...