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

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.

View the full Press Release

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) 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.

View the 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 excited to announce its inaugural Protecting Consumers in the Digital Age Conference, powered by the IDOF Financial Innovation Lab (FIL), on February 19, 2024, at the Boise Center. Finance and technology experts from Idaho and across the country will meet in Boise to collaborate, strategize, and discuss emerging technology developments, issues, and opportunities affecting consumers and companies in the financial sector.

The Conference will have an impressive lineup of speakers, including Securities and Exchange Commission (SEC) Commissioner Hester Peirce and key officials from the Commodities and Futures Trading Commission (CFTC), U.S. Congress, Department of Justice, Idaho policymakers and businesses, the Office of the National Cyber Director, and many others.

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