Sigh, no more trips to the Caymans

Mosaic ImmunoEngineering is a nanotechnology-based immunotherapy company developing therapeutics and vaccines to positively impact the lives of patients and their families.

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Sigh, no more trips to the Caymans

posted on Oct 12, 2010 08:18PM

Our commercial checking account was linked to a sweep account. This sweep account was maintained by our financial institution in an offshore account located in the Cayman Islands. This sweep account was a deposit liability of our financial institution, the funds were not insured by the Federal Deposit Insurance Corporation (“FDIC”); in liquidation the funds would have had a lesser preference than deposits held in the United States, and the funds were subject to cross-border risks. In August 2010, we discontinued the sweep function associated with our commercial checking account