For nearly 30 years, Scott Mason of Gladwyne and his Bala Cynwyd-based investment firm Rubicon Asset Management were fixtures in his comfortable communities. The firm’s 115 clients trusted him with $231 million to invest mostly in mainstream stocks and bonds, as of its last SEC Form ADV annual report.
Mason golfed at Ambler-based Squires, an all-male club favored by developers and sports multimillionaires; summered on Long Beach Island and acquired properties there, including a mini-golf course; and endowed the head coach job for his old varsity team hockey team at Hobart College, where Mason also served as a trustee.
So when Mason entered discussions to transfer customers to other firms earlier this year, it looked like the kind of smooth transition that might cap a successful career.
Then the lawsuits started, a string of allegations that Mason had drained some customers’ accounts…
