Home>775Times>Nevada Halts Money Transfers by Sigue Due to Financial Concerns

Nevada Halts Money Transfers by Sigue Due to Financial Concerns

By TheNevadaGlobeStaff, March 22, 2024 8:17 pm

The Nevada Financial Institutions Division (NFID) has ordered Sigue, a money transfer company, to cease all money transmission activities within the state. The decision comes after the NFID determined Sigue’s declining financial health could jeopardize its ability to serve customers responsibly.

According to a statement from the state, Sigue has experienced “significant financial deterioration” in recent months. This includes failing to complete money orders and transfers, and not maintaining sufficient net worth and permitted investments to cover outstanding debts. These actions violate Nevada’s money transmission laws.

“We collaborated with state agencies, including MTRA and CSBS, to take swift action and safeguard consumer funds,” said Nevada Financial Institutions Division Commissioner Sandy O’Laughlin.

The NFID is urging customers who believe they may be affected to contact their office at fidmaster@fid.state.nv.us or by phone at (702) 486-4120.

Credits: KOLOTV

Copyright 2024 775 Times, NV Globe. All rights reserved

Print Friendly, PDF & Email
Spread the news:


Leave a Reply

Your email address will not be published. Required fields are marked *