Admits To One Count Of Wire Fraud

Fred Schrameck II aka Rick Schrameck, 73, of Bend, Oregon, pleaded guilty to a single count of wire fraud for a scheme involving his consumer aviation company, Aircraft Completion Services LLC (ACS).

According to court documents, Schrameck and others solicited customers to purchase and help build experimental aircraft, including the EPIC LT, using three companies, Aircraft Investor Resources LLC (AIR), Epic Air LLC (EPIC), and ACS. According to purchase agreements, customers paid more than $1.4 million for the Bend-manufactured aircraft.

Schrameck gave customers Airframe Purchase Agreements and Aircraft Completion Assistance Agreements that misrepresented how the customers’ funds were being used. Without his customers’ knowledge, Schrameck used the funds for other projects, to complete existing EPIC LT aircraft, and to support his own lavish lifestyle.

Schrameck faces a maximum sentence of 20 years in prison, a $250,000 fine, and three years’ supervised release. He will be sentenced on Tuesday, August 14, 2018 before U.S. District Court Judge Ann Aiken.

This case was investigated by the FBI and IRS Criminal Investing (IRS-CI) and is being prosecuted by Scott E. Bradford, Assistant U.S. Attorney for the District of Oregon.

(Source: Justice Department news release)

FMI: www.justice.gov/usao-or