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Company Slapped With “Cease And Desist” By Arkansas Regulators

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A cease and desist has been ordered!

According to Talk Business, the Arkansas Securities Department has just ordered a company based out of California to stop engaging in money transmission activities in Arkansas. The decision comes after the company has struggled financially and, according to securities officials, can no longer reliably serve Arkansas customers.

Company Sent Cease And Desist By Arkansas

The Arkansas Securities Department ordered a company Sigue Corporation of California to stop moving money transmission activities in the state of Arkansas.

Regulators said the company’s declining financial position has made it a risk for Arkansas customers. Arkansas is one of a whopping 39 states issue a consent order.

Sigue is a money-transmission company that has been licensed in 48 states. However, their financial situation continues to get worse, causing state regulators to take notice.

Securities Commissioner Susannah T. Marshall issued a statement following the crackdown:

“I applaud the staff of the Securities Department’s quick work in leading the negotiation of this settlement that allows us to assist affected Arkansans in obtaining prompt relief.”

Thankfully, Arkansas officials appear to be looking after the interest of citizens of Arkansas.

Do YOU think it's good for regulators to protect Arkansas residents? Comment below and let us know what you think!

 

Seth Connell

Seth Connell (250)

Business. Infrastructure. Philosophy. | I'm a business owner who spends too much time reading and smoking cigars. I build great products with great people.

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