Palmetto State News

Attorney General Alan Wilson has ordered Sigue Corp. to cease engaging in money transmission activities in South Carolina due to the company's failing financial condition. Wilson, acting as the Commissioner over certain money services businesses, took this action after Sigue Corp. failed to satisfy outstanding money transmission liabilities, which violated state law.

In a coordinated effort with thirty-nine states, Puerto Rico, and the District of Columbia, a consent order was issued to address the situation. Sigue Corp., a state-regulated money transmission company previously licensed in South Carolina and 48 other states, experienced significant financial deterioration leading to the failure to complete multiple money orders and transmissions. The company also failed to maintain adequate net worth and permissible investments to cover outstanding liabilities, further violating state money transmission law.

Attorney General Wilson highlighted the importance of this coordinated effort in protecting customer funds, stating, "This coordinated effort allowed states to act quickly to protect customer funds, and customers will experience a similar remedy regardless of their location."

The consent order requires Sigue Corp. to preserve and provide access to all books and records, including information on impacted customers. Customers who have been affected or suspect they may have been impacted are encouraged to contact the Money Services Division of the Office of the South Carolina Attorney General by calling 803-734-1221 or by sending an email to msb@scag.gov.