Press Release

*DIFS Orders Sigue Corp. to Cease Money Transmission Activities*

*Media Contact:?**Laura Hall*, (517) 290-3779, [email protected]?
*Consumer Hotline:* 877-999-6442, Michigan.gov/DIFScomplaints [ [link removed] ]

*FOR IMMEDIATE RELEASE:* March 29, 2024?

(LANSING, MICH) ? Last week, the Michigan Department of Insurance and Financial Services (DIFS) ordered Sigue Corp. to cease engaging in money transmission activities in Michigan 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.

?This order is the result of a coordinated effort between regulators across the country, with assistance from the Money Transmitter Regulators Association and the Conference of State Bank Supervisors, to act quickly to protect consumers in Michigan and nationwide,? said *DIFS Director Anita Fox*. ?Michiganders who are owed funds by Sigue should file a claim with DIFS [ [link removed] ]. If you have questions, please call us Monday through Friday 8 a.m. to 5 p.m. at 877-999-6442 or email [email protected].?

Sigue is a state-regulated money transmission company licensed in Michigan and 48 other states. Money transmission companies are generally used to send money via electronic checks, money orders, travelers checks, wire, and other methods. 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 and permissible investments to cover outstanding liabilities, both of which violate state money transmission law. Many customers are still waiting for their funds. In Michigan, about 120 consumers are impacted.

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 are owed funds by Sigue should file a claim with DIFS [ [link removed] ]. For questions, call DIFS Monday through Friday 8 a.m. to 5 p.m. at 877-999-6442 or email [email protected].

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The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS [ [link removed] ]?or follow the Department on Facebook [ [link removed] ], X [ [link removed] ], or LinkedIn [ [link removed] ].

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