The Financial Services Regulatory Authority of Ontario (FSRA) says Donald Newton Mason is guilty of misusing his position as a lay minister in his church to misappropriate funds from two vulnerable parishioners. The regulator has also taken issue with the fact that Mason has failed completely to respond to its inquiries into his behaviour.
Earlier in 2025, Mason was sanctioned $5,000 for failing to respond to the regulator. At the time, his license was suspended. The regulator took the opportunity in levying its latest sanction – to revoke Mason’s license entirely – to also discuss the misappropriation of funds that first led the regulator to warn the public against doing business with the former life insurance and accident & sickness insurance agent or his companies.
“Mason took advantage of his position of authority and trust at his church for personal gain by misappropriating more than $700,000 from vulnerable parishioners. Mason has also failed to respond to multiple inquiries from FSRA. Given Mason’s conduct, the director reasonably believes that he is not suitable to be licensed,” the notice of proposal in the case states. “By failing to respond to multiple inquiries from FSRA promptly, explicitly and completely, and within the period specified, Mason has demonstrated he will not follow rules and is ungovernable.”
First licensed in March 2012, Mason and his wife, identified only as AM, a realtor, assisted in helping the seniors in question to sell their homes. In both instances, Mason reportedly pressured the clients to invest some of the proceeds of their respective sales in an opportunity that promised significant monthly returns. In one case, the client had early stages of dementia. In both cases, the clients had limited financial literacy.
Mason initially made monthly payments related to the agreements he signed with the clients, but began missing payments in October 2023, permanently ceasing payments in early 2024. Mason has failed to respond to subsequent communication attempts by both clients. In one case the client “invested” and lost $307,000 with the former agent. The other client lost $400,000.
The regulator also noted that since his suspension, the former agent has continued to fail to respond to inquiries and has failed to pay the earlier administrative penalty. “Mason has demonstrated untrustworthiness to transact insurance agency business for which his license has been granted. He abused his position of trust in the church for personal gain over a two-year period and caused harm to two vulnerable parishioners.” They say revoking Mason’s license is a clear message that such conduct will not be tolerated.
