Wisconsin DFI Orders Sigue Corp. to Cease Money Transmission Activities

MADISON, Wis. – 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 (NMLS ID 915912). Over the past several months, Sigue 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.

“This was a coordinated effort between state agencies. The Money Transmitter Regulators Association and the Conference of State Bank Supervisors assisted the states with acting quickly to protect consumer funds,” said DFI Secretary Cheryll Olson-Collins. “This coordinated effort means consumers are protected across state lines and will experience a similar remedy regardless of their location. States preserved their ability to take additional actions on a customers’ behalf as investigations continue.”

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 by calling (608) 261-7578 or emailing: DFI_LFS@dfi.wisconsin.gov. Consumers can also verify that a company or financial professional is licensed to do business in Wisconsin and view past enforcement actions by visiting NMLS Consumer Access.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.