Prairie State Wire

The Illinois Department of Financial and Professional Regulation (IDFPR) has ordered Sigue Corp. to halt its money transmission services in Illinois. This decision follows the company's inability to responsibly serve customers due to its worsening financial situation. Illinois joins 38 other states, Puerto Rico, and the District of Columbia in this consent order after Sigue failed to meet outstanding money transmission liabilities, violating state law.

Sigue is a licensed money transmission company operating in Illinois and 48 other states under NMLS ID 915912. In recent months, the company has faced significant financial challenges, resulting in incomplete money orders and transmissions. It also failed to maintain sufficient net worth and assets to cover its liabilities, breaching Illinois money transmission law (205 ILCS 657/80). Under the consent order, Sigue must preserve and provide access to all relevant books and records, including customer information. This will enable Illinois and other states to file bond claims on behalf of affected customers for specific transactions.

IDFPR Secretary Mario Treto, Jr. stated, “This coordinated effort means consumers are protected across state lines and will be able to be assisted, no matter where they live.” He added that while a national agreement has been reached, Illinois retains the right to take further actions on behalf of consumers as investigations continue.

Consumers who have been affected or suspect they may have been affected are encouraged to file a complaint against Sigue with the Division of Financial Institutions by completing an online Financial Institutions Complaint Form available on IDFPR’s website. They should select “Money Transmitters” as the Complaint Division.