Category: Press Releases

In recognition of World Elder Abuse Awareness Day (WEAAD) on June 15, the Idaho Department of Finance (IDOF) reminds financial professionals and the public that financial exploitation of seniors is a pressing issue for all Idahoans.

According to the 2023 FBI Internet Crime Complaint Center Fraud Report, “scams targeting individuals aged 60 and older caused over $3.4 billion in losses in 2023—an increase of approximately 11% from the year prior. The average victim of elder fraud lost $33,915 due to these crimes in 2023.”[1]

“It is important for the public and industry stakeholders to be aware of the strategies and tactics scammers use to target our senior community to better protect Idahoans and their families,” said Patricia Perkins, Director of the Idaho Department of Finance.

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[1] https://www.fbi.gov/news/stories/elder-fraud-in-focus

The inaugural Idaho Department of Finance (IDOF) Financial Innovation Lab (FIL) Conference attracted an impressive number of attendees and an incredible lineup of speakers including Idaho Governor Brad Little, Idaho Attorney General Raul Labrador, Securities and Exchange Commission (SEC) Commissioner Hester Peirce, Former Commodities Futures Trading Commission (CFTC) Chairman Chris Giancarlo, and U.S. Senator Mike Crapo. The event brought together experts from across the country and members of the IDOF’s Emerging Technology Advisory Committee (ETAC) to share their expertise and strategies for handling the critical financial technology issues that will influence the development of the future financial system.

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Boise, Idaho… The Idaho Department of Finance (IDOF) urges the public to be aware of a recently reported scam targeting small business owners. Scammers impersonating various law enforcement agencies are contacting business owners claiming they are being investigated for fraudulently obtaining Paycheck Protection Program (PPP) loans, regardless of whether or not they have been repaid or forgiven.

In the report IDOF received from a local financial institution, a business owner was contacted via phone by a purported deputy, claiming to have an active arrest warrant against them due to a missed court date related to the investigation of their PPP loan. To legitimize the claim, the scammer provided elaborate phony court and/or legal documentation, including documents describing an arrest warrant that purports to require the posting of a cash bond and then instructions to make a payment (through a cryptocurrency kiosk) to resolve the warrant and avoid jail time.

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The Idaho Department of Finance (IDOF) is excited to announce its participation in the “Our Financial Conference” in Moscow this April. The event, hosted by the University of Idaho Extension, will include an impressive variety of sponsors and financial experts.

“Our Conference” is a free event open to everyone of all ages. The conference aims to bring local financial experts together to provide Idaho consumers with financial information, resources, and tools to help them reach their financial goals. The conference will be held on April 5th, 2024, from 8:00 a.m. to 3:30 p.m. at the Best Western Plus University Inn in Moscow, Idaho, and will include free food, swag bags, and new topics fit for everyone.

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The Idaho Department of Finance (IDOF) today announced a strong agenda and prestigious lineup of speakers for the Department’s inaugural Financial Innovation Lab Conference taking place in Boise on February 19. Idaho Governor Brad Little, U.S. Sen. Mike Crapo, Idaho Attorney General Raúl Labrador, Securities and Exchange Commission (SEC) Commissioner Hester Peirce, and representatives from the Commodity Futures Trading Commission, Department of Justice, Office of the National Cyber Director, U.S. Congress, and Idaho policymakers and business leaders will provide remarks.

The “Protecting Consumers in the Digital Age Conference” aims to educate attendees and share IDOF’s thought leadership on financial technology issues by bringing together an impressive list of speakers and stakeholders to discuss critical financial technology issues and opportunities.

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As we kick off Financial Literacy Month, the Idaho Department of Finance is proud to feature a prominent Idaho coalition that works diligently to promote Financial Literacy across the state…. the Idaho Financial Literacy Coalition (IFLC)!

The IFLC was established in 1995 and is the Idaho chapter of the National Jump$tart Coalition that promotes Financial Literacy among youth and adult audiences alike. The coalition arranges various programs each year, including regular meetings to bring partners together to discuss financial literacy efforts and establish a strong network of collaborating professionals in the state.

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The Idaho Department of Finance (IDOF) announced today that it has entered into a settlement with TradeStation Crypto, Inc. (TradeStation) to resolve an investigation into TradeStation’s crypto interest-earning program.

“Idaho is seeing an increase in crypto-investment scams,” said IDOF Director Patricia Perkins, “it’s vitally important for legitimate crypto-market service providers to comply with existing laws when selling investments and services in Idaho. Compliance with securities laws works to root out fraudsters and establish a safer, more transparent marketplace. The IDOF will continue its mission of protecting Idaho investors and holding accountable those who fail to follow the law.”

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The Idaho Department of Finance (IDOF) is excited to announce its support of the upcoming “Savvy Women and Money Conference” on Friday, February 16th, from 8:30 a.m. to 5:30 p.m. at the Boise Centre. This free financial education conference is similar to the now-retired annual Smart Women Smart Money Conference and offers breakout sessions where women can learn about money management, investing, credit management, and financial security. All are welcome and encouraged to attend; registration is required and includes lunch and light refreshments throughout the day.

“We are honored to help sponsor this valuable conference offering Idaho’s women an excellent opportunity to increase their financial knowledge and skills,” said Patricia Perkins, Director of the Idaho Department of Finance. “It will be a great day to connect with women in the community and offer tools to help them achieve financial success,” Perkins said.

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Today, financial regulatory agencies from 39 states, Puerto Rico,
and the District of Columbia ordered Sigue Corp. to cease engaging in any further money
transmission activities as the company can no longer responsibly serve customers due to its
declining financial position.

Sigue is a state-regulated money transmission company that has held licenses in nearly all states
(NMLS ID 915912). Over the past several months, Sigue experienced significant financial
deterioration. The company failed to complete multiple money orders and transmissions and maintain
adequate net worth and permissible investments to cover outstanding liabilities, constituting
violations of state money transmission law. Many
customers are still waiting for their funds.

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View the Consent Order