The Financial Services Regulatory Authority of Ontario (FSRA) has imposed an administrative penalty of $5,000 on Donald Newton Mason and suspended Mason’s life insurance and accident & sickness insurance agent’s license.
Prior to the order, the regulator made an interim order to suspend Mason’s life agent’s license in April 2025. It also took the unusual step of warning the public not to do business with Mason or his companies – Mason Built Financial Inc., Mason Built Financials and 1000111224 Ontario Inc. – saying in the May 2025 announcement that they are not licensed to conduct mortgage brokering business in Ontario.
The current sanctions are in response to Mason failing to respond to FSRA’s inquiries into his conduct. “Licensed agents are obliged to answer regulatory inquiries promptly, explicitly and completely and to answer in the manner and period specified. An agent who fails to cooperate with an examination or investigation and fails to answer an inquiry hinders FSRA’s ability to investigate potential non-compliance and to protect the public,” the notice of proposal in the case states.
Licensed since March 2024 (Mason was previously licensed between March 2012 and March 2014), the agent was contracted with Financial Horizons Group Inc.
Alleged misappropriation
“In 2024, FSRA received a complaint from a member of the public. The complaint alleged that Mason had sold a mortgage investment product, misappropriated funds from the member of the public and had been acting contrary to license conditions imposed by another regulator,” the decision states.
In 2018 Mason was also the subject of inquiry on the part of the Ontario Securities Commission (OSC).
“In July 2017, the applicant became a non-paid volunteer leader or lay minister with his church. As a result of his decision, staff of the OSC recommended that terms and conditions be placed on the applicant to separate the registered activity from his activity as a lay minister,” the April 2018 OSC decision states.
“The director accepted staff’s recommendation, which was to prohibit the applicant from acting as a dealing representative for any person who is a member of the congregation of the Apostolic Pentecostal Church of Pickering (the Church) or their spouse, parent, brother, sister, grandparent or child.” The decision goes on to say that his sponsor, Quadrus Investment Services Ltd., required Mason to ask all prospective new clients if they are members of the church. It also states that his branch manager should contact new prospective clients to confirm they are not members of the church.
In the current case with FSRA, Mason did not respond to any communication attempts and did not collect his registered mail. “Mason has a statutory obligation to maintain current contact information with FSRA,” the notice of proposal states. “The director is unaware of any efforts by Mason to mitigate his actions or take any remedial action. To the contrary, as of the date of this notice of proposal, Mason has continued to fail to respond to the compliance officer’s multiple requests for information.”
