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Oregon joins other states in ordering Sigue Corp. to stop money transmission activities due to declining finances

SALEM, Ore. (KTVZ) – The Oregon Division of Financial Regulation has named Sigue Corp. ordered to cease money transmission operations in the state, saying the company can no longer responsibly serve customers due to its declining financial position.

Oregon joined several other states, Puerto Rico and the District of Columbia in issuing the consent order.

Sigue is a state-regulated money transmission company licensed in Oregon and 48 other states (Nationwide Multistate Licensing System ID 915912). In recent months, Sigue has experienced a significant financial decline.

The company has failed to complete multiple money orders and transfers and maintain sufficient assets and permitted investments to cover outstanding debt, in violation of state money transmission law. Many customers are still waiting for their money.

Sigue maintained a bond with Liberty Mutual covering all of Sigue’s unpaid or otherwise outstanding transactions in Oregon. Individuals who paid for a Sigue money transmitter or money order that remains unpaid are encouraged to file a claim directly online with Liberty Mutual by going to this website and clicking on the link that says “File Commercial Bond Claim” . Anyone with questions for Liberty Mutual can email [email protected] or call 206-473-6700. The state guarantee claim process is intended to help affected consumers heal.

In Oregon, there are nearly 200 outstanding or unfulfilled transactions totaling $39,000 between money transfers and money orders. In the US, there were just under 25,000 open or unfulfilled transactions totaling almost $8.6 million. Sigue suspended broadcasts across the country in January.

The order requires the company to preserve and provide access to all books and records, including information about affected customers.

“This order not only demonstrates how Oregon’s regulatory system works to protect consumers, but also highlights the strong partnerships we have with other states, the Money Transmitter Regulators Association and the Conference of State Bank Supervisors,” said TK Keen, DFR -administrator. “Fortunately, all outstanding money orders and remittances from Oregon are covered by the bond Sigue was required to have with the division, meaning no consumer should lose money.”

Because Sigue was primarily used as a channel to send money from the United States to Spanish-speaking countries, the division is planning additional assistance to the Spanish-speaking community through the Mexican Consulate.

Consumers who have been affected or believe they have been affected and who would like assistance or file a complaint can contact one of DFR’s consumer advocates at 888-877-4894 (toll free) or email dfr.financialserviceshelp@ dcbs.oregon. government

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About Oregon DFR: The Division of Financial Regulation is part of the Department of Consumer and Business Services, Oregon’s largest business regulatory and consumer protection agency. Visit dfr.oregon.gov and www.dcbs.oregon.gov