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the bookkeeper and was signed by petitioner on behalf of
Champion.
The above check was received by and was endorsed by
petitioner as payee. Petitioner, however, did not actually
receive the $95,233 in cash. Rather, on March 29, 1999, the
endorsed but unnegotiated check was given by petitioner to
Franklin National Bank for deposit of the $95,233 face amount of
the check into Champion’s checking account. The bank treated the
transaction as if petitioner had cashed the check on March 29,
1999, and then immediately deposited the $95,233 back into
Champion’s checking account.
The above-referenced $95,233 check was numbered 1546.
Checks clearing Champion’s checking account in January 1999 were
numbered from 1524 to 1606 with the exception of check No. 1546.
Checks clearing Champion’s checking account in March 1999
generally were numbered from 1663 to 1755.
On the dates indicated, Champion’s bank statements reflected
the following positive balances:
Date Amount
10/30/98 $129,547.45
11/02/98 126,317.66
11/30/98 142,684.18
12/01/98 144,284.18
12/31/98 81,883.01
01/04/99 103,654.01
01/29/99 95,837.24
02/01/99 93,784.47
02/26/99 56,442.35
03/01/99 15,875.91
03/31/99 78,530.63
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Last modified: May 25, 2011