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payments. The checks were dated August 6, August 14, August 22,
and August 30, 1990, and were drawn on M&L's account with the
Bank of Boulder. Each time he received an interest check, Mr.
Premji also received a $20,000 check representing his current
principal balance.
Mr. Premji cashed the four $2,000 checks at the Bank of
Boulder in August 1990. He did not report the $8,000 as interest
income received for that year. He did not cash the $20,000
checks. Instead, he returned them to M&L.
On two occasions Bank of Boulder personnel refused to cash
the checks because they were postdated. Mr. Premji was told to
return in a day or two. He did so and was able to cash the
checks.
Mr. Premji received six additional checks from M&L as
follows:
Check Number Amount Date Issued
100416 $64,440 9/23/90
100417 6,444 9/23/90
94062 70,884 10/1/90
94063 7,088 10/1/90
96092 77,972 10/9/90
96093 7,797 10/9/90
The checks for $64,440, $70,884, and $77,972 represented Mr.
Premji's total principal advanced to M&L as of the date of the
check. The checks for $6,444, $7,088, and $7,797 represented his
ten percent interest on that principal as of the date of each
check.
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Last modified: May 25, 2011