SAINT PAUL, MN: The Minnesota Department of Commerce has joined a multistate settlement with Sigue Corp., a money transmitter that failed to fulfill customer obligations during its collapse in 2024.  

As Sigue’s financial condition deteriorated, the company was unable to satisfy customer obligations under Minnesota’s Money Transmitter Act. Under the final agreement, customers can file claims for refunds by contacting Sigue: customerservice@sigue.com.  

Affected Minnesota customers may also contact the Minnesota Department of Commerce with questions: consumer.protection@state.mn.us.

“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.  “It also demonstrates the value of our multistate partnerships to provide consumer protections.” 

The agreement (NMLS ID 915912) comes one year after financial regulatory agencies from 39 states, Puerto Rico, and the District of Columbia ordered Sigue to cease money transmission activities due its violation of 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.

The settlement was supported by the Conference of State Bank Supervisors and the Money Transmitter Regulators Association.   

The agreement requires Sigue Corp. and its owner, Guillermo de la Viña, to resolve Sigue’s outstanding liabilities. Additionally, Sigue and its subsidiary, GroupEx Financial Corp., have surrendered their money transmitter licenses. De la Viña has agreed to refrain from managing or working for any money transmitter without approval from the Minnesota Department of Commerce.

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

Sigue is also required to maintain its public website for two years, with guidance on how consumers can file a complaint about unpaid transactions.

The Minnesota Department of Commerce is here to help: Minnesota consumers and businesses can contact Commerce’s Enforcement Division about concerns or complaints about money transmitters: 

• File a complaint online 
• Email: consumer.protection@state.mn.us
• Verify whether a money transmitter is licensed to do business in Minnesota: License Lookup.
• Search Commerce Actions and Regulatory Documents to view past enforcement actions on money transmitters.

Connect with the Minnesota Commerce Department
Get updates and news from the Minnesota Department of Commerce by following Commerce at mn.gov/commerce or @MNCommerce on social media.

Contact
Mo Schriner
Minnesota Department of Commerce
651-363-1227
mo.schriner@state.mn.us