Georgia Department of Banking and Finance Issues Interim Consent Order Against Sigue Corp. Requiring Sigue Corp. to Stop Engaging in Further Money Transmission Activity

Atlanta, Georgia – On March 21, 2024, the Georgia Department of Banking and Finance (“Department”), entered into an Interim Consent Order with Sigue Corp. (“Sigue”), NMLS No. 915912, requiring Sigue to stop from engaging in further money transmission activity in Georgia as a result of Sigue’s significant financial deterioration over the past several months.

The Interim Consent Order was a coordinated effort between the Department and state money transmitter regulatory agencies in 38 other states as well as the District of Columbia and Puerto Rico to collectively address enforcement concerns regarding Sigue’s inability to satisfy all of its outstanding money transmission liabilities and Sigue’s failure to maintain its minimum tangible net worth and permissible investments as required by O.C.G.A. § 7-1-683.2.

Under the terms of the Interim Consent Order, Sigue is also required to preserve and provide access to all books and records, including information on impacted customers.

Pursuant to O.C.G.A. § 7-1-689(l)(7), the Department may make available to the public the terms or a copy of any bond filed by a licensee.  Accordingly, a copy of surety bond no. 017-173-471 issued by Liberty Mutual Insurance Company, NAIC No. 23043, related to Sigue’s money transmitter license is included with this press release. 

Georgia residents who wish to file a claim against the surety bond in connection with outstanding money transmission liabilities that may be owed to them by Sigue may contact the surety via email at [email protected], telephone at (206) 473-6210, fax at (866) 548-6837, or its online claims portal at https://claims-intake.libertymutualsurety.com/intake.  The Department does not administer the bond claim process.

Georgia consumers seeking guidance about their options for how to proceed may wish to consult with their own attorney, as the Department cannot provide legal advice.

 

Contact:

Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: [email protected]

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