Case No. IA-15055, License No. IA-15055

Date issued: Mar. 08 2011

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TURBOFAC Commentary (307 words)

Notes:

1) See pp. 48-51 of native PDF file. The context of the disclosure of the license and cover letter was a suit against JP Morgan, where JP Morgan held funds in escrow pending an EB-5 visa investor’s arrival in the U.S., but the license for the exportation of financial services in connection with the visa application was set to expire, so JP Morgan wanted to return the funds prior to the expiry of the license. The U.S. person investment fund and related persons handling the EB-5 visa investment and application sued to enjoin JP Morgan from returning the funds held in escrow, since that would have interfered with the visa application process. A 2012 amendment to the ITSR implemented an authorization for the exportation of financial services in connection with EB-5 investor visas, so the...