MONTPELIER, Vt. — Today the Vermont Department of Regulation ordered Sigue Corp. to cease engaging in money transmission activities in Vermont 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.
Sigue is a state-regulated money transmission company licensed in Vermont 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 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 means consumers are protected across state lines and will experience a similar remedy regardless of their location,” Commissioner Kevin Gaffney said. “Along with the coordinated effort among state agencies was the invaluable assistance provided by MTRA and CSBS in working with us and acting quickly to protect consumer funds.”
States have preserved their ability to take additional actions on a customers’ behalf as investigations continue.
The consent order requires the company to preserve and provide access to all books and records, including information on impacted customers. States may 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 in Vermont who have been impacted or believe they may have been impacted should contact the Department’s Banking Division by phone at 802-828-3420 or email at dfr.bnkconsumer@vermont.gov.
Connect with the Vermont Department of Financial Regulation on X, Facebook and on LinkedIn.