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Former Epic Aircraft CEO Remains Behind Bars In Multi Million Dollar Ponzi Scheme

April 4, 2015 - Former CEO, Fred Schrameck aka Rick Schrameck of Epic Aircraft, a general aviation aircraft manufacturer in Bend, Oregon pled not guilty to federal charges of steeling $14 million from his customers. Schrameck is currently being held at Lane County jail with no bond as the court viewed him a risk of flight, he was booked into jail on March 26. 

In March A feral indictment came down which accused Schrameck with soliciting customers to build and experimental aircraft, Epic LT through three of its company's; Aircraft Investor Resources, Epic Air and Aircraft Completion Services. 


The feds charge Schrameck with mail and wire fraud and money laundering stemming from the sale of manufactured experimental kit aircraft. According to customer purchase agreements, customers would pay between $1.4 million to $1.8 million to purchase and build their own aircraft under company supervision at the company's manufacturing facilities in Bend, Oregon.

But little did the customers know, Schrameck had turned his company into a ponzi scheme, were he would take out large sums of money to pay for his lavished lifestyle and whatever money was leftover he would pay on older customer needs, using newer customers' money for older projects.

It is alleged, there was a point that Schrameck caused others to make it appear as through work was progressing on customers aircraft by swapping parts from one aircraft on the assembly line to another aircraft on the assembly line when the customer traveled to the manufacturing facility to work on their aircraft. Because Schrameck company had not used the money as promised and had no money to purchase the necessary parts to complete the aircraft. In March 2010, Russian MRO Provider Acquires Oregon Based Epic Aircraft.


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