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Sigue Corporation required to cease all money transfers across California under consent order

Official Seal of the State of California

SACRAMENTO, Calif. – The California Department of Financial Protection and Innovation (DFPI) announced Friday that it has entered a consent order requiring Sigue Corporation to cease all money transmissions in California.

Sigue Corporation, a Sylmar-based money transmitter that operates across California, was issued the consent order due to its deteriorating financial conditions that render the company unable to meet its financial obligations detail the DFPI.

California law requires all licensed money transmitters to maintain surety bonds or cash or securities to cover potential claims against the licensee by California consumers who have transactions unfulfilled by the entity.

Those protections allow the public to receive a refund for any unpaid transactions should the money transmitter fail to comply with the law explain DFPI.

According to DFPI, as of Mar. 13, 2024, the company reported 8,232 unpaid transactions totaling more than $1.7 million.

Consumers with receipts for unpaid transactions may be eligible to recover their money by visiting this DFPI Sigue Corporation website to learn more about the process as well as submit a complaint to the DFPI.

Customers without internet access can call 866-275-2677 to receive a complaint form via mail in English or Spanish.

Article Topic Follows: California
California Department of Financial Protection and Innovation
consent order
money transmitter
Sigue Corporation

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