Category: Press Releases

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.

View the full Press Release

View the Consent Order

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.

View full press release

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.

View full press release

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.”

View Full Press Release

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.

View the Press Release

The Idaho Department of Finance (IDOF) is announcing the issuance of a Cease-and-Desist Order against RONGISTRVAUTOSALES.COM; AUTO SALES GROUP, LLC; AAAEQUPLAG, LLC; LARRY GIBBS; DARIUS PETRONIS; and associated parties outlined in the order (collectively referred to as RONGISTRVAUTOSALES.COM) for orchestrating a fake RV online sales business resulting in multiple violations of the Idaho Financial Fraud Prevention Act.

IDOF began an investigation of RONGISTRVAUTOSALES.COM upon receiving a report from an Idaho-chartered financial institution (Idaho FI) about an attempted fraud against one of its account holders. The account holder had been instructed to wire approximately $27,400 to secure the purchase of an RV advertised on Craigslist, originating from RONGISTRVAUTOSALES.COM, a website later to be determined as the online presence of a fake business. Due to prompt action by the Idaho FI, the wire was flagged as suspicious and canceled, resulting in no financial loss to the account holder.

View the Press Release

The Idaho Department of Finance (IDOF) is pleased to recognize the month of December as Identity Theft Prevention and Awareness Month. Identity theft is defined as a crime where a consumer’s personal or financial information is illegally obtained to commit fraud. As the holiday season is in full swing, it is important to stay vigilant when it comes to protecting your identity, especially in the digital space.

According to the Federal Trade Commission (FTC), 1.1 million identity theft reports were filed in 2022 and it is expected to increase by the end of 2023. The most common form of identity theft was credit card fraud. The FTC received 441,882 complaints of stolen information pertaining to credit card misuse. Idaho ranked number 40 out of 50 states for Identity Theft with 2,225 reports in this category last year.

“As identity theft continues to rise, it is important consumers be proactive to protect themselves, especially in the digital space where many thefts can occur behind a screen,” said Patricia Perkins Director of the Idaho Department of Finance.

View the Press Release

Patricia Perkins, Director of the Idaho Department of Finance, is warning consumers to look closely at incoming mail that may appear to be correspondence from regulated consumer lenders but are really third-party advertisements or even scams. The Department is aware of an unsolicited mailer purporting to be an Idaho-licensed Regulated Lender under the name Proper Funding, when in fact no information exists for such a business.

The Department has observed a substantial uptick of consumer complaints regarding mailers from businesses and organizations falsely referencing to be licensed regulated consumer lenders in Idaho. Consumers are more likely to pay attention to correspondence when it appears to come from a familiar or legitimate source, and it can be difficult to differentiate.

Perkins urges Idahoans to review all solicitations and communications carefully before taking any action. “Inspect mailed correspondence thoroughly for disclosures that may be in fine print, or precariously placed. Verify the sender of any offer by using a confirmed contact and review the terms of any offer very carefully.”

View the Press Release

Patricia Perkins, Director of the Idaho Department of Finance, is warning consumers to be aware of spoofed websites. The Department recently became aware of a phony website purporting to represent Idaho licensed lender Ace Cash Express.

The Department has taken immediate action to have these websites removed; however, historically the Department has found perpetrators of website scams often create new sites under new names in an attempt to continue their efforts to victimize consumers.

Perkins urges Idahoans to exercise caution when visiting websites, especially those representing licensed lenders. “As these scams are growing increasingly sophisticated, it is more important than ever to do your homework.” A healthy amount of skepticism and research can help consumers identify fake websites. “Simply Googling the address a company lists on their website can be telling, if the address is an empty lot, a PO Box, or a private residence, these are definite red flags.”

View the Press Release

The Idaho Department of Finance (IDOF) urges Idaho consumers to exercise heightened caution when purchasing cars, recreational vehicles, farm equipment, and other high-dollar items online. IDOF recently received several reports from victims of online purchase scams that risked losing thousands of dollars due to being lured into purchasing from a phony website or fake ads in various online marketplaces. In each instance, the consumer authorized payment via wire transfer from their financial institution.

Although the digital marketplace offers convenience and greater access, it has also become a breeding ground for fraudsters. To counter this, IDOF emphasizes following these guidelines:

✓Verify the website’s or seller’s legitimacy: Check for contact information like a physical address. Use Google Maps to view an image of the address – if it is a vacant lot, an abandoned building, or a USPS drop box location – these can be red flags of a bogus business front.

✓Research consumer reviews and ratings: Investigate feedback from previous buyers for insight into the seller’s reputation. Honest reviews should vary in timeline, frequency, and discuss experiences rather than generic statements.

✓Avoid making important purchases without first seeing it in person: There is no substitute for seeing what is advertised for sale.

✓Never wire funds or complete bank-to-bank transactions: Scammers prefer bank-to-bank transfers like wire transfers because the funds are very difficult to recover once they are transacted.

✓Be skeptical of unsolicited emails or ads: Question unsolicited communication, including emails, messages, and ads. Scammers use phishing tactics to trick consumers into providing sensitive information.

✓Trust your instinct; if it doesn’t feel quite right, reconsider: Avoid deals that seem too good to be true. Don’t trust a seller who claims the transaction is 100% guaranteed by online marketplaces such as Craigslist or eBay.

IDOF is committed to helping safeguard Idahoans from financial scams and fraud. Consumers must also take precautions and perform due diligence before authorizing payments to make purchases. Consumers who have suffered a financial loss as the result of a fraud or scam should file a report with their local Police Department. IDOF also accepts and investigates complaints related to financial services and providers it oversees at https://wordpress-1300524-4790431.cloudwaysapps.com/complaint-guidance. Additionally, to report fraud, scams, and bad business practices in general, consumers can file a complaint with the Federal Trade Commission at https://reportfraud.ftc.gov.

View the Press Release