The Nevada Financial Institutions Division has directed Sigue Corp. to halt its money transmission operations in the state due to financial instability. This decision is part of a coordinated effort involving 39 states, Puerto Rico, and the District of Columbia.
Sigue Corp., which is licensed in Nevada and 48 other states, has been experiencing financial difficulties over recent months. The company has failed to complete several money orders and transmissions, and it has not maintained the necessary net worth or permissible investments required by state law. As a result, many customers are still awaiting their funds.
"This was a coordinated effort between state agencies. MTRA and CSBS assisted the states with acting quickly to protect consumer funds," stated Sandy O’Laughlin, Commissioner of the Nevada Financial Institutions Division.
Under the consent order, Sigue Corp. must preserve all records and provide access to information about affected customers. States will use these records to file bond claims on behalf of impacted consumers through a surety bond claim process designed to reimburse them.
Customers who have been affected or suspect they might be can contact the State of Nevada's Financial Institutions Division at fidmaster@fid.state.nv.us or (702) 486-4120 for assistance.
The Financial Institutions Division aims to ensure a safe financial system for Nevada residents while protecting consumers and promoting economic development through effective supervision of financial institutions.