Minnesota's Settlement with Sigue Corp: How to Claim Your Refund Now!

The Brief

Sigue Corp., a money transmitting company, has reached a settlement with the Minnesota Department of Commerce following its financial collapse in 2024. This agreement allows customers who are owed money to file claims through the company's customer service line.

• If Sigue Corp. fails to comply with the agreement or does not provide necessary information for customer claims, it could face a penalty of nearly $28,000.

What We Know

According to the Department of Commerce, Sigue was unable to meet its obligations under Minnesota’s Money Transmitter Act before filing for bankruptcy. Customers owed money can file for refunds via the company's customer service email.

Sigue's website states, "Sigue Corporation is no longer operating." As a money service business (MSB), Sigue facilitated fund transfers, including international transactions.

What They're Saying

Jacqueline Olson, Assistant Commissioner of Enforcement, stated, "This agreement underscores the importance of state laws requiring money transmitters to be licensed and meet standards for managing customers’ money. It also demonstrates the value of our multi-state partnerships for consumer protection."

Dig Deeper

The settlement follows a year after 39 states ordered Sigue to stop its money transmission activities due to alleged violations of state laws. The company failed to complete money orders and maintain sufficient net worth to cover its liabilities.

What's Next

The settlement requires Sigue Corp. and its owner, Guillermo de la Viña, to resolve outstanding liabilities. A subsidiary, GroupEx Financial Corp., will surrender its money transmitter license, and de la Viña must obtain approval from the Minnesota Department of Commerce before managing any money transmitter again.

Customers can also file a complaint with the Minnesota Department of Commerce here.