Deputies: Canby man accused of defrauding elderly couple; more v - KPTV - FOX 12

Deputies: Canby man accused of defrauding elderly couple; more victims possible

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James Frackowiak, booking photo (Image: Clackamas County Sheriff's Office) James Frackowiak, booking photo (Image: Clackamas County Sheriff's Office)
CLACKAMAS COUNTY, OR (KPTV) -

A 43-year-old Canby man was arrested earlier this month for defrauding an elderly couple, and the Clackamas County Sheriff's Office says there may be more victims.

James Robert Frackowiak, founder of the now-defunct Frack Burger restaurant chain, was arrested on April 2 on eight counts of aggravated theft and three counts of securities fraud.

The sheriff's office said Frackowiak is accused of a scheme involving the sale of allegedly fraudulent investments in a "Frack Income Fund" that cost an elderly Clackamas County couple hundreds of thousands of dollars. 

The investigation began in April 2017 when a woman approached the sheriff's office with concerns that her grandparents were being defrauded by Frackowiak.

Detectives learned that the couple were befriended by Frackowiak in 2007 when he was a local insurance agent operating under the business names Plan It Financial and Frack Insurance. 

Frackowiak sold the couple a series of insurance policies, which the couple would buy and then surrender. The couple would lose money when surrendering the policies. The couple also surrendered an insurance police to invest in Frank Income Fund, LLC., which Frackowiak had created.

Detectives say Frackowiak used the money inappropriately on his businesses, including Plan it Financial and Frack Burger, both of which closed in 2016. They also learned that he had significant personal liens, personal judgments, and tax liens.

The sheriff's office said that Frackowiak's insurance license through the State of Oregon was revoked in Feb. 2017.

Detectives believe there may be additional victims who had dealings with the Frack Income Fund, LLC. Anyone with information is asked to contact the sheriff's office tip line at 503-723-4949 or by using the online email form at https://web3.clackamas.us/contact/tip.jsp. Please reference case #17-009525.

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