SALT LAKE CITY – A Utah County resident was sentenced last Wednesday in connection with fraudulent representations he made to get a loan under the Paycheck Protection Program (PPP).
Michael Leroi Douros, 66, of Lehi, was sentenced to 28 months in prison after pleading guilty to two counts of bank fraud, two counts of making a false statement to a bank, and money laundering contained in the felony information with which Douros was charged in federal court. After being released from prison, Douros will serve three years of supervised release.
According to court documents filed as a part of his plea agreement, Douros made false representations to two banks, for a total amount of $437,891, to get a PPP loan for his business, Epic Rentals UT LLC. The business was registered with the Utah Division of Corporations on June 5, 2019, with his son, listed as the registered agent. The false statements included in the loan applications related to (1) misrepresentations about Epic Rentals’ monthly payroll and the number of employees the business had; (2) claims that his son owned 50 percent of Epic Rentals when his son was a straw owner and did not own any portion of the business when at least one application was submitted; and (3) a failure to disclose on the loan application that he had been convicted of a felony in Utah and had been on probation in the last five years.
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