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Tom Bird, also appeared to Mr. Premji to have made considerable
sums from their investments in M&L over a long period of time.
In July or August of 1990, Mr. Premji reviewed a book that
Mr. Brayer gave him explaining M&L's programs, finances, and the
equipment M&L claimed to sell. Mr. Brayer told him that M&L was
soliciting investors to finance its purchase of used fax machines
for resale to a private company in Russia. Mr. Premji understood
he could obtain a 10 percent return every 8 days (456 percent
annually) if he invested in M&L. He did not speak with a
representative of M&L.
Based on newspaper reports of returns on real estate
transactions in Central City, Colorado, and on his experiences
growing up in Tanzania, Africa, Mr. Premji thought there were
legitimate ways for an investor to receive an annual return of
456 percent. He concluded that an investment in M&L would be a
reasonable investment. Therefore, he invested a total of $58,000
in M&L as follows:
Date Amount
July 31, 1990 $20,000
August 30, 1990 4,000
September 5, 1990 14,000
September 13, 1990 20,000
$58,000
He gave Mr. Brayer cashier's checks for the amounts listed above
and Mr. Brayer delivered them to M&L.
During August 1990, Mr. Premji received four checks from M&L
in the amount of $2,000 each that represented promised interest
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