Prairie State Wire

The Illinois Department of Financial and Professional Regulation (IDFPR) has ordered Sigue Corp. to stop providing money transmission services in the state due to its financial decline. This decision aligns with actions taken by 38 other states, Puerto Rico, and the District of Columbia after Sigue failed to meet its outstanding money transmission liabilities, breaching state law.

Sigue Corp., a money transmission company licensed in Illinois and 48 other states (NMLS ID 915912), has faced significant financial challenges over recent months. These difficulties have resulted in the company's inability to complete multiple money orders and transmissions and maintain adequate net worth and assets to cover outstanding liabilities. These issues violate Illinois money transmission law (205 ILCS 657/80). As part of the consent order, Sigue is required to preserve and provide access to all relevant books and records, including customer information. The signed declarations from the company will assist Illinois and other states in filing bond claims on behalf of affected customers involved in specific transactions:

- Money Orders: 233 transactions totaling $45,151*

- Money Transmission: 202 transactions totaling $63,123.43**

*None has been refunded as of March 22, 2024

**$4,019.14 has been refunded as of March 22, 2024

"This coordinated effort means consumers are protected across state lines and will be able to be assisted, no matter where they live," stated IDFPR Secretary Mario Treto, Jr. "While an agreement has been reached nationally, Illinois has preserved its ability to take additional actions on consumers’ behalf and will do so as investigations continue."

Consumers who believe they have been impacted by Sigue's situation are encouraged to file a complaint with the Division of Financial Institutions by completing an online Financial Institutions Complaint Form available on IDFPR’s website. It is important for consumers to select “Money Transmitters” as the Complaint Division.