FSRA named specific organizations consumers should avoid engaging with
The Financial Services Regulatory Authority of Ontario (FSRA) is cautioning consumers not to engage in mortgage-related transactions with Donald Newton Mason or several entities connected to him, citing their lack of proper licensing to broker mortgages in the province.
According to a consumer alert issued by the provincial regulator, neither Mason nor the organizations Mason Built Financial Inc., Mason Built Financials, and 1000111224 Ontario Inc. are authorized to conduct mortgage brokering business in Ontario.
“Consumers have fewer protections under the law if obtaining mortgages from unlicensed individuals and/or entities,” FSRA stated. “In addition, unlicensed individuals may not fully understand mortgage products; and may recommend a product that doesn’t meet your needs.”
The regulator reported that Mason and his affiliated organizations have been contacting consumers through in-person visits, phone calls, and emails, often presenting themselves as mortgage experts or investment advisors. These parties allegedly encourage consumers, including seniors, to downsize their homes and invest the proceeds through them.
FSRA listed multiple addresses and contact details associated with Mason’s operations, including locations in Pickering, Oshawa, and Toronto. The following phone numbers and emails are associated with the unlicensed activity:
- Phone numbers: 1-844-790-1253 and 647-767-6451
- Email addresses: Donald.Mason@freedom55financial.com, dmason@masonbuiltfinancials.com, donald.mason@f55f.com, and info@masonbuilt.ca
The regulator urged anyone who believes they have been defrauded to contact their local police department.
In Ontario, individuals and entities must hold a valid FSRA licence to deal in mortgages. FSRA emphasized that its licensing process ensures mortgage professionals meet stringent qualifications and ongoing education requirements. This oversight is intended to protect consumers by ensuring licensed professionals recommend suitable mortgage products and act in the best interest of their clients.
To verify whether a broker, agent or mortgage firm is licensed, FSRA advises the public to consult its online registry.
Have you encountered similar approaches from unlicensed advisors? Share your experiences in the comments below.
