State orders Sigue to halt transactions
The Arkansas Securities Department has ordered Sigue Corp. of California to cease all money-transmission activities in the state after the firm failed to complete customer orders.
State regulators say the San Fernando-based company has financial troubles that prevent it from responsibly serving customers. Sigue is licensed in Arkansas and 48 other states.
Sigue has not completed multiple money orders and transmissions and has not maintained adequate net worth and investments to cover outstanding liabilities, both of which violate state money transmission law. Many customers are still waiting for their funds, the regulators said.
"This settlement is a great example of coordinated efforts between state regulatory agencies to provide a consistent supervisory response across state lines," Securities Commissioner Susannah T. Marshall said in announcing the order.
The consent order requires the company to preserve and provide access to all books and records, including information on affected customers. Arkansas and the other states will work to reimburse customers who have lost money.
-- Andrew Moreau
Montrose purchases partner firm in Ohio
Montrose Environmental Group on Tuesday announced the purchase of Engineering & Technical Associates, a process safety management firm.
The North Little Rock-based business plans for Engineering & Technical Associates to join its assessment, permitting and response segment.
Process safety management involves the prevention and management of industrial accidents through safety culture and standards compliance, risk assessment and management, and investigations and auditing. Engineering & Technical Associates is based in Walbridge, Ohio, south of Toledo.
Vijay Manthripragada, Montrose president and chief executive officer, said in a statement that the company had worked with Engineering & Technical Associates on client partnerships for many years and that Montrose was happy to incorporate them.
Share of Montrose Environmental Group rose $4.57, or 11.6% to close Tuesday at $43.97.
--Aaron Gettinger
State index closes at 931.15, off 25.14
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Tuesday at 931.15, down 25.14 points.
"Good news meant bad news for some investors as stocks fell on Tuesday after stronger than expected data on job openings and factory goods orders stoked speculation that the major banks will keep rates higher for longer," said Chris Harkins, managing director at Raymond James & Associates.
Shares of Dillard's, Inc. fell 5.6%. America's Car-Mart, Inc. shares fell 1.9%.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.