A jury last night found an American businessman not guilty of possessing 35 counterfeit Bank of America cashier's cheques with a face value of US$138 million (HK$1.07 billion). Allan Jay Hoffman, 60, had pleaded not guilty to two counts of possessing false instruments after he was discovered with 25 of the cheques, with a total face value of US$101 million, in a Mongkok hotel room in March last year. Prosecutor Wong Po-wing claimed Mr Hoffman knew the cheques were false when he tried to offload 25 of them to several Hong Kong businessmen. Mr Hoffman had told the court he first came across the cheques while doing business in Jakarta on behalf of his investment company, Transworld, in 1999 and did not know they were fake. He claimed he was told the cheques were to be invested on behalf of an Indonesian government-sponsored company. Speaking after the trial, defence counsel Peter Callaghan said the prosecution had not investigated the case fully. He also said the three men called as witnesses for the prosecution to testify that they were going to buy the cheques from Mr Hoffman, gave inconsistent versions of their stories.