Attorney General Alan Wilson joins settlement with Sigue Corporation; affected customers eligible for refunds

(COLUMBIA, S.C.) – Attorney General Alan Wilson announced today that the Money Services Division of the South Carolina Attorney General’s Office (the “Money Services Division”) joined a settlement with money transmitter Sigue Corporation (NMLS ID 915912) (“Sigue”) in connection with Sigue’s failure to fulfill its obligations to customers during its collapse last year.

This settlement comes one year after financial regulatory agencies from 39 states, Puerto Rico, and the District of Columbia ordered the company to cease engaging in any further money transmission activities due to Sigue’s declining financial position. As Sigue’s financial condition deteriorated, the company failed to complete multiple money orders and transmissions, including those for consumers in South Carolina, and failed to maintain adequate net worth and permissible investments to cover outstanding liabilities, both violations of state money transmission law.

Under the terms of the settlement agreement, Sigue surrendered its money transmitter license. Additionally, Sigue’s owner, Guillermo de la Viña, has agreed to refrain from any position of management, control, or employment with any money transmitter unless first approved by the Money Services Division.

Furthermore, this settlement agreement also requires Sigue and Guillermo de la Viña to resolve Sigue’s failure to meet its outstanding liabilities. Pursuant to the settlement agreement, customers may file claims for refunds by following the instructions on Sigue’s website (https://sigue.com/). Sigue will maintain its public website for two years to provide this information directly to consumers.

If Sigue fails to comply with the terms of the settlement agreement or fails to provide information needed to process customer bond claims, Sigue will pay a $1,000,000 monetary penalty to be divided equally amongst the jurisdictions that entered into the settlement agreement with Sigue.

The Money Services Division can be reached by calling 803-734-1221 or by email at [email protected]. Consumers can learn more about the Money Services Division by visiting the Attorney General’s Office website at https://www.scag.gov/inside-the-office/legal-services-division/money-services/ or can submit a complaint at https://tinyurl.com/SCMSB.