FSRA issues notice of proposal against John (Johnny) Chehade, Rhett Richard (Richard Rhett) McClenaghan and 2078637 Ontario Inc. operating as Forest City Living [Yahoo! Finance]
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Source: Yahoo! Finance
Richard (Richard Rhett) McClenaghan (McClenaghan) and 2078637 Ontario Inc. operating as Forest City Living (Forest City Living). FSRA alleges that Chehade and McClenaghan contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows: by giving false or deceptive information and documents when dealing in mortgages, contrary to subsection 43(2) of the Act; and by allowing themselves to be used by a borrower and a lender to facilitate dishonest activity or illegal conduct, contrary to section 3.1 of Ontario Regulation 187/08. FSRA also alleges that Chehade contravened the Act as follows: causing Forest City Living to contravene subsection 24(1) of Ontario Regulation 188/08, by failing to take reasonable steps to ensure that mortgages he presented to the Borrowers were suitable for them, contrary to section 3 of Ontario Regulation 187/08; by receiving remuneration outside the brokerage, contrary to subsection 4(1) of Ontario Reg
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