Attorney General Alan Wilson Orders Sigue Corp. to Cease Money Transmission Activities

Sigue Corp. failed to statisfy outstanding money transmission liabilities, violating state law

Attorney General Alan Wilson, acting in his capacity as the Commissioner over certain money services businesses, ordered Sigue Corp. to cease engaging in money transmission activities in South Carolina as the company can no longer responsibly serve customers due to its declining financial condition. Thirty-nine states, Puerto Rico, and the District of Columbia coordinated to issue a consent order.

Sigue is a state-regulated money transmission company previously licensed in South Carolina 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 failed to maintain adequate net worth and permissible investments to cover outstanding liabilities, both violations of state money transmission law. Many customers are still waiting for their funds.

“This coordinated effort allowed states to act quickly to protect customer funds, and customers will experience a similar remedy regardless of their location,” said Attorney General Wilson.

This consent order requires the company to preserve and provide access to all books and records, including information on impacted customers.

Customers who have been impacted or believe they may have been impacted should contact the Money Services Division of the Office of the South Carolina Attorney General by calling 803-734-1221 or by sending an email to [email protected].