On June 25, U.S. District Judge Timothy Savage handed down a 97-month prison sentence, followed by three years of supervised release. Mason was also ordered to pay nearly $25 million in restitution to his victims and more than $2.3 million in back taxes to the IRS. The sentencing follows Mason’s guilty plea earlier this year to charges including wire fraud, securities fraud, investment advisor fraud, and five counts of filing false tax returns.

Mason’s fraudulent activity, according to federal prosecutors and the SEC, began as early as 2007 and involved the misappropriation of over $23 million in client assets under the guise of managing investments through Rubicon Wealth Advisors. Rather than allocate funds in accordance with client objectives, Mason redirected the money to prop up a lifestyle that included international vacations, luxury spending, and a stake in a Jersey Shore mini golf course.

“Mr. Mason respects and appreciates the court’s judgment in this matter, and he is deeply sorry for the hurt that he caused to his victims,” said his attorney, Michael J. Rinaldi of Duane Morris LLP. “He is looking forward to making amends and pursuing rehabilitation during and after his incarceration.”

Federal prosecutors detailed a calculated and sustained effort by Mason to obscure his theft. The SEC’s complaint alleges Mason forged client signatures to authorize unauthorized fund transfers, funneled assets into a shell real estate entity he controlled called Orchard Park, and fabricated statements about investing in short-term diversified bond portfolios. In reality, funds were used to pay off other clients—classic Ponzi-like behavior—and to finance personal expenses.

Mason’s web of deception started unraveling in 2024 when several clients, including his own aunt, initiated civil proceedings. That legal pressure prompted formal charges by both the SEC and the Department of Justice in January. The SEC permanently barred Mason from the advisory industry in March.

His case highlights the need for ongoing vigilance and oversight within the independent advisory space. Mason operated under the radar for more than a decade, using personal trust and a small-firm structure to his advantage. Advisors and firm principals can take away several compliance and due diligence lessons, particularly around internal controls, audit trails for client fund movements, and verification of custodial assets.

Mason, who remains free on bail for now, is scheduled to report to federal prison on August 11.