A Salt Lake ticket broker who has admitted obtaining fraudulent loans to secure cash to buy large blocks of tickets to the 2002 Winter Olympics made an unusual request Friday — to remain out of prison long enough to travel to Greece to sell tickets to the upcoming Olympics there.
Attorney Bruce Savage said the delay would give Michael Douros an opportunity to earn enough money to repay the nearly $400,000 he owes to Provo-based Central Bank.
"Mr. Douros wants to step up now . . . and pay off the balance because, quite frankly, it's the honorable thing to do, and he's an honorable man," Savage said.
Douros has lined up two investors who are willing to front him enough money to repay the bank, Savage said. Douros would then travel to Athens this summer to earn back the money, and more, selling tickets to those Olympic events. He has offered to pay for a government representative to travel with him to ensure the legitimacy of the transactions, Savage said.
After returning from Greece, Douros could then serve any prison time ordered by the court.
"Mr. Douros is not trying to buy his way out of prison, he's trying to pay the restitution," Savage said, noting the debt will otherwise likely never be paid in full.
Federal prosecutors objected to Douros' request, and U.S. District Judge J. Thomas Greene rejected what he called a "creative and unusual motion."
"I didn't know that this court was in the collection agency business," Greene said.
The judge instead sentenced Douros to 21 months in prison, ordering him to surrender to the designated federal facility in mid-May.
Douros apologized Friday for his actions, saying he "felt bad" for what his conduct had cost his family, who filled an entire side of Greene's courtroom.
"If I had any clue, any clue, of the severity of what I'd done wrong . . . I wouldn't have done it," he said.
Douros pleaded guilty in September 2002 to one count of felony bank fraud. As owner of the successful Salt Lake-based Ticket Broker, Douros recognized the unique opportunity presented by the Salt Lake Games and approached Central Bank loan officer Troy Stringham to borrow money, according to Savage.
Douros applied for 14 vehicle loans through Stringham, who grossly inflated the value of the vehicles in order to receive more cash back. The loan amounts were purposely kept below $40,000 so Stringham could approve them without committee approval.
Two others, a Utah car dealer and an ATV dealer, were involved in the scheme but were never criminally charged.
Stringham was sentenced earlier this week to 30 months in prison. He must also make payments toward the restitution.
Prosecutors said Douros made a profit of nearly $500,000 during the 2002 Olympics.
E-mail: awelling@desnews.com