Attorney General Alan Wilson has revealed that the South Carolina Attorney General’s Office, particularly its Money Services Division, has entered a settlement with Sigue Corporation. The action stems from Sigue’s inability to meet customer obligations during a collapse last year.
A year ago, financial regulatory bodies from 39 states, Puerto Rico, and the District of Columbia directed Sigue to cease money transmission activities. The company had failed to fulfill several money orders and transmissions, affecting South Carolina consumers, and did not maintain sufficient net worth and investments to back liabilities, breaching state laws.
Per the settlement, Sigue is to forfeit its money transmitter license. Guillermo de la Viña, the company’s owner, will refrain from managerial roles in money transmission businesses without prior approval from the Money Services Division.
Additionally, the agreement stipulates that Sigue and de la Viña address the firm’s outstanding liabilities. Affected customers can seek refunds by following the directions on Sigue’s website. The site will stay up for two years to provide necessary guidance.
Should Sigue not adhere to the agreement, or if it fails to supply information needed for processing customer bond claims, a $1,000,000 penalty will be imposed, shared among the jurisdictions involved.
For further queries, the Money Services Division is accessible at 803-734-1221 or via email. Consumers looking for more details or wishing to lodge a complaint can visit the Money Services Division’s webpage.
