Today, the Wisconsin Department of Financial Institutions (DFI) ordered Sigue Corp. to cease engaging in money transmission activities in Wisconsin as the company can no longer responsibly serve customers due to its declining financial position. Thirty-nine states, Puerto Rico, and the District of Columbia coordinated to issue this consent order.
Sigue is a state-regulated money transmission company licensed in Wisconsin and 48 other states. Over the past several months, it has experienced significant financial deterioration. The company failed to complete multiple money orders and transmissions and to maintain adequate net worth to cover outstanding liabilities, both violations of state money transmission law. Many customers are still waiting for their funds.
The consent order requires the company to preserve and provide access to all books and records, including information on impacted customers. States will use the company’s signed declarations to file bond claims on behalf of impacted customers. The state surety bond claim process is designed to help make impacted consumers whole.
Consumers who have been impacted or believe they may have been impacted should contact the DFI’s Licensed Financial Services team via email or by calling (608) 261-7578.
