NDBF Orders Sigue Corporation to Cease Money Transmission Activities
CONTACT Christopher German, Money Transmitters & Digital Assets Counsel
Melissa Berglund, Public Information Officer
Phone 402-471-2171
Email dob.consumerfinance@nebraska.gov, melissa.berglund@nebraska.gov
NDBF Orders Sigue Corporation to Cease Money Transmission Activities
Sigue Corporation Failed to Satisfy Outstanding Money Transmission Activities,
Violating State Law
March 22, 2024 (Lincoln, NE) – Today, the Nebraska Department of Banking and Finance (“Department”) ordered Sigue Corporation to cease engaging in money transmission activities in Nebraska 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 which was formerly licensed in Nebraska 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.
The consent order requires the company to preserve and provide access to all books and records, including information on impacted customers. Consumers who have been impacted or believe they may have been impacted should contact the Department. For additional information, contact the Nebraska Department of Banking and Finance at 402-471-2171 or via the Department’s website, https://ndbf.nebraska.gov/ in the Complaints section.
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