Fred Schrameck, the former CEO of Epic Air of Bend, Oregon, recently pleaded guilty to one count of wire fraud for a scheme involving his consumer aviation company, Aircraft Completion Services (ACS).

Schrameck, also known as Rick Schrameck, 73, defrauded customers by using money paid for aircraft for other projects and to “support his own lavish lifestyle,” according to the U.S. Attorney’s Office for the District of Oregon.

Court documents state that Schrameck solicited customers to buy and help build experimental aircraft, including the Epic LT, using three companies: Aircraft Investor Resources LLC, Epic Air LLC and ACS. Customers paid more than $1.4 million for the aircraft, which were built in Bend, the attorney’s office said.

Schrameck gave customers an airframe purchase agreement and aircraft completion assistance agreements that misrepresented how customer funds were being used, it said.

His company was purchased in 2010 and renamed Epic Aircraft. Schrameck faces up to 20 years in prison, a $250,000 fine and three years of supervised release. He is scheduled for sentencing on Aug. 14.