Michael Leroi Douros, Bank Fraud, UT 2024

SALT LAKE CITY – The gritty streets of Salt Lake City were rocked this week as Michael Leroi Douros, 64, pleaded guilty to a five-count felony charge in U.S. District Court for swindling over $300,000 from the Paycheck Protection Program (PPP).

Douros stands accused of two counts of bank fraud, two counts of making a false statement to a bank, and money laundering. His deceitful ploy was aimed at securing PPP loans for his business, Epic Rentals UT LLC.

The U.S. Attorney John W. Huber lambasted Douros’ actions, stating, ‘It is disappointing to see an individual use fraud and selfish motives to acquire hundreds of thousands of dollars.’ The funds were intended to ease the economic strain on other employers and employees during the COVID-19 pandemic.

According to court documents, Douros made numerous false statements regarding his business’s payroll and ownership. He initially applied for a PPP loan through Zions Bank, which was canceled after closer inspection. Unfazed, he submitted another application to Cache Valley Bank, this time securing $239,091.67.

His fraudulent activities did not end there. Douros was also charged with money laundering involving a payroll check of $20,000 from Epic Rentals’ bank account.

Sentencing is scheduled for November 17th before U.S. District Judge Howard C. Nielson Jr. If convicted on all counts, Douros faces up to 50 years in federal prison and a $1 million fine.