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More Epic "Interesting" stuff, as would a Chinaman say...
https://en.wikipedia.org/wiki/Epic_Aircraft
Other sworn statements by Clark and General Manager David Hice alleged that the company was a "chaotic financial environment over which CEO Rick Schrameck ruled exclusively". Hice further alleged many financial irregularities, including that the company missed its payroll in July 2004 and was only able to pay its staff using customer aircraft deposits from sales at AirVenture that same month. Hice also alleged that "On June 16th, 2009 I was terminated after Rick Schrameck physically attacked me."[7][8][9]
In September 2009 CEO Rick Schrameck was removed by the board of directors from any "managerial or supervisory capacity" with Epic parent company Aircraft Investor Resources, and the company voluntarily entered Chapter 11 bankruptcy, seeking to reorganize, find investors and continue kitplane production on a reduced scale.
As a result of the bankruptcy filing customers with aircraft under construction at the company facility were permitted to remove their aircraft and parts.[10][11] In an auction on 26 March 2010, the state-owned China Aviation Industry General Aircraft was the highest bidder with a US$4.3 million offer,
2015
Schrameck was arrested for fraud in March 2015 in Los Angeles and held in federal custody awaiting trial. The detention order filed indicated that he should not be released due to a high risk of "flight to foreign country". On 27 March 2015, Schramek pleaded not guilty in US District Court to eight counts of wire fraud, four counts of mail fraud and six counts of money laundering regarding his dealings with Epic and its customers. The case alleges that Schramek deliberately defrauded customers of more than US$14 million.[6][23]
The company's E1000 single engine turboprop had its first flight on 19 December 2015.[24]
2018
In April 2018 former CEO Schrameck pleaded "guilty" to one count of wire fraud and will be sentenced on 14 August 2018 by US District Court Judge Ann Aiken. The Department of Justice, US Attorney’s Office, District of Oregon stated, "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.".[25][26]
None of these types has yet been certified, and some remain only design projects:
LT is a 6-place experimental turbo-prop airplane.
Victory is an experimental single-engine jet.
E1000 is a six-place turbo-prop airplane under development in 2015 for certification forecast in 2018.
Escape is a 92% scaled version of the Epic LT, with 4-5 seats.
Elite is an experimental twin-engine jet, initially intended as a kit aircraft, which the company plans to certify later. It utilises an LT model fuselage with cosmetic and structural changes.
Schrameck faces a maximum sentence of 20 years in prison, a $250,000 fine and three years’ supervised release. He is scheduled to be sentenced Aug. 14. before U.S. District Court Judge Ann Aiken.
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