What Consumers Need to Know: California customers of failed money transmitter Sigue Corp. can now file a claim for a refund if they were affected by its collapse in January 2024.
SACRAMENTO – The Department of Financial Protection and Innovation (DFPI) has reached an agreement with Southern California-based money transmitter Sigue Corporation for failure to meet outstanding liabilities following its collapse in 2024. Sigue’s failure in January 2024 left 10,000 outstanding California transactions involving more than $2 million in total money orders and remittances.
How Consumers Can File a Claim
Under California’s Money Transmission Act, and subject to the DFPI’s supervision, money transmitters are required to maintain a bond to cover outstanding liabilities. Sigue maintained the required bonds, which now allows impacted customers to seek refunds.
Affected customers can learn how to file a claim on the DFPI website in both English and Spanish. Liberty Mutual will process claims for outstanding money orders, while Hartford Fire Insurance Company will handle claims for outstanding remittances.
The agreement requires Sigue Corporation and its owner, Guillermo de la Viña, to resolve Sigue’s failure to meet its outstanding liabilities. This action follows Sigue’s March 2024 agreement to cease all money transmission activity in the state and to cooperate with the DFPI. The agreement also contains provisions relating to GroupEx Financial Corporation, a subsidiary of Sigue and a licensee under the Money Transmission Act.
Under the terms of the agreement, Sigue and GroupEx’s money transmitter licenses have been surrendered. Additionally, de la Viña has agreed to refrain from any position of management, control, or employment of any money transmitter unless first approved by the DFPI Commissioner. Sigue will pay a $300,000 penalty if it fails to cooperate with the DFPI or provide information needed to process customer bond claims.
The DFPI thanks the Conference of State Bank Supervisors (CSBS) and Money Transmitter Regulators Association (MTRA) for their assistance in the matter.
The DFPI expects any person offering securities, any lender, or other financial services provider that operates in California to comply with our financial laws. Consumers may submit a complaint with the DFPI online (dfpi.ca.gov/submit-a-complaint) or call toll-free at (866) 275-2677.
About DFPI
The California Department of Financial Protection and Innovation protects consumers, regulates financial services, and fosters responsible innovation. The DFPI protects consumers by establishing and enforcing financial regulations that promote transparency and accountability. We empower all Californians to access a fair and equitable financial marketplace through education and preventing potential risks, fraud, and abuse. Learn more at dfpi.ca.gov.