HARRISBURG, PA — The Pennsylvania Department of Banking and Securities (DoBS) has issued an urgent appeal to individuals impacted by violations committed by Sigue Corporation under the Money Transmitter Act. Consumers who purchased or hold money orders from the company or experienced failed money transmissions are being encouraged to file claims with the department to recover their funds.
The call to action follows a series of regulatory measures stemming from DoBS’ investigation into Sigue Corporation’s operations. Coordinating with financial regulators across 38 states, Puerto Rico, and the District of Columbia, DoBS determined in March 2024 that Sigue had engaged in activities that violated the Money Transmitter Act. The department subsequently issued a cease and desist order, halting all money transmission operations by the company. By October 2024, Sigue’s money transmitter license (NMLS ID 915912) was formally revoked, following amendments to the initial order.
This decisive regulatory action has paved the way for a secure resolution process for Pennsylvania consumers. By claiming Sigue Corporation’s surety bond, DoBS has ensured the availability of funds to address the financial losses of affected individuals. “The finality of these enforcement actions demonstrates the department’s commitment to protecting consumers and maintaining the integrity of financial transactions across the state,” the department emphasized.
Consumers who believe they are entitled to compensation are advised to file their claims promptly, leveraging the surety bond to facilitate an efficient resolution process. For assistance with filing, individuals can contact the DoBS Consumer Services Office at 1-800-PA-BANKS (1-800-722-2657).
The department’s response highlights the vital oversight role played by regulatory authorities in safeguarding Pennsylvanians from unlawful activities within the financial system. By addressing violations and offering a direct pathway for restitution, DoBS reaffirms its commitment to transparency, accountability, and consumer protection.
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