MN joins Sigue Corp. settlement, those owed can claim refund now | FOX 9 Minneapolis-St. Paul
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MN joins Sigue Corp. settlement, those owed can claim refund now

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Published  March 31, 2025 8:01pm CDT
Personal Finance
FOX 9

The Brief

    • Money transmitting company Sigue Corp. has secured a settlement with the Minnesota Department of Commerce after its financial collapse in 2024.
    • As part of the agreement, the company says any potential outstanding money owed to customers can be requested through a claim to its customer service line.
    • If the company fails to comply with the agreement, or provide information needed for customer claims, it will face a nearly $28, 000 penalty.

(FOX 9) - Minnesota has joined a multi-state settlement with money service transmitter Sigue Corp., after the company collapsed from debt in 2024, directing those who have outstanding money owed to file a claim to get it returned.

Sigue Corp. refund claims

What we know:

The Department of Commerce says that the company was unable to satisfy customer obligations under Minnesota’s Money Transmitter Act prior to its filing for bankruptcy in 2024.

Under the final agreement of the settlement, outstanding customers can file refund claims through the company’s customer service email line.

Meanwhile, the company’s website says, "Sigue Corporation is no longer operating."

Often referred to as a "money service business" (MSB), a money transmitter is a company that facilitates the transfer of funds from one person or business to another, sometimes across international borders.

What they're saying:

"This agreement highlights the importance of state laws that require money transmitters to be licensed and meet standards for managing customers’ money," said Commerce Assistant Commissioner of Enforcement Jacqueline Olson in a statement. "It also demonstrates the value of our multi-state partnerships to provide consumer protection."

Dig deeper:

The agreement comes one year after financial regulatory agencies from 39 states ordered Sigue to cease money transmission activities after officials alleged the company violated state money transmission laws.

The company failed to complete money orders and transmissions, and did not maintain adequate net worth and permissible investments to cover outstanding liabilities, according to court filings.

File a complaint or refund claim

What's next:

The agreement requires Sigue Corp. and its owner, Guillermo de la Viña, to resolve the company’s outstanding liabilities. 

A subsidiary company, GroupEx Financial Corp., will also surrender its money transmitter license, while De la Viña has agreed to refrain from managing or working for any money transmitter without approval from the Minnesota Department of Commerce.

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

If Sigue fails to comply with the agreement or provide the necessary information for customer bond claims, it will pay a $27,777.78 penalty.

The Source: Information for this story was provided by the Minnesota Department of Commerce.

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