IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the “Act”), in particular sections 15, 16, 21, 38 and 39;
AND IN THE MATTER OF Rhett McClenaghan
Rhett Richard (Richard Rhett) McClenaghan (“McClenaghan”) is licensed as a mortgage broker under the Act (licence # M08003293).
On December 4, 2025, the Director, Litigation & Enforcement (the “Director”), by delegated authority from the Chief Executive Officer (“CEO”) of the Financial Services Regulatory Authority of Ontario (“FSRA”), issued a Notice of Proposal to impose conditions on the mortgage broker licence issued to McClenaghan and to impose Administrative Penalties in respect of McClenaghan (the “NOP”).
A Request for Hearing (Form 1), dated December 17, 2025, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with sections 21(3) and 39(5) of the Act respecting the NOP.
On February 27, 2026, McClenaghan withdrew the Request for Hearing, and, on March 2, 2026, the Tribunal closed its file in respect of this matter. Therefore, pursuant to sections 21(7) and 39(7) of the Act, the Director makes the following Orders.
Administrative penalties in the total amount of $4,000 are hereby imposed on Rhett McClenaghan, for the reason set out in the Minutes of Settlement.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Rhett McClenaghan with information as to where and how to pay the administrative penalties. Rhett McClenaghan must pay the administrative penalties no later than thirty (30) days after the Order is issued unless otherwise agreed with the Financial Services Regulatory Authority of Ontario.
If Rhett McClenaghan fails to pay the administrative penalty in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of the Order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, March 6, 2026.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
For the reasons set out in the Minutes of Settlement, Rhett McClenaghan shall be limited to a Mortgage Agent Level 2 for a period of two years.
DATED at Toronto, Ontario, March 6, 2026.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the “Act”), in particular sections 21, 38 and 39;
AND IN THE MATTER OF 2078637 Ontario Inc., operating as Forest City Living
2078637 Ontario Inc., operating as Forest City Living (“FCL”) is unlicensed.
On December 4, 2025, the Director, Litigation & Enforcement (the “Director”), by delegated authority from the Chief Executive Officer (“CEO”) of the Financial Services Regulatory Authority of Ontario (“FSRA”), issued a Notice of Proposal to impose an Administrative Penalty in respect of FCL (the “NOP”).
A Request for Hearing (Form 1), dated December 17, 2025, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with sections 21(3) and 39(5) of the Act respecting the NOP.
On February 27, 2026, FCL withdrew the Request for Hearing, and, on March 2, 2026 the Tribunal closed its file in respect of this matter. Therefore, pursuant to sections 21(7) and 39(7) of the Act, the Director makes the following Order.
An administrative penalty in the amount of $17,500 is hereby imposed on 2078637 Ontario Inc., for the reason set out in the Minutes of Settlement.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to 2078637 Ontario Inc. with information as to where and how to pay the administrative penalties. 2078637 Ontario Inc. must pay the administrative penalties no later than thirty (30) days after the Order is issued unless otherwise agreed with the Financial Services Regulatory Authority of Ontario.
If 2078637 Ontario Inc. fails to pay the administrative penalty in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of the Order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, March 6, 2026.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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