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James Frackowiak arrested on multiple counts of Aggravated Theft, Securities Fraud for allegedly defrauding elderly couple; additional 'Frack Income Fund' victims sought
Please reference CCSO Case # 17-009525
From a Clackamas County Sheriff's Office investigation, James Robert Frackowiak, 43, of Canby, was arrested on multiple charges of Aggravated Theft and Securities Fraud. 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. Detective are seeking possible additional victims.
The case began nearly one year ago, in April 2017. The elderly couple's granddaughter approached the Clackamas County Sheriff's Office with concerns that her grandparents were being defrauded by Mr. Frackowiak through personal loans and life-insurance policy purchases and sales.
Detectives began an extensive review of documents -- and learned the following:
• James Frackowiak befriended the victim couple in 2007. In addition to founding the now-defunct Frack Burger restaurant chain, Mr. Frackowiak was at the time a local insurance agent operating under the business names Plan It Financial and Frack Insurance. (Mr. Frackowiak's insurance license through the State of Oregon was revoked on February 10th, 2017.)
• Starting in 2007, Mr. Frackowiak began selling the victim couple a series of insurance policies, which the couple would buy and then surrender. The victim couple would lose money when surrendering these policies. Mr. Frackowiak would gain a large commission.
• In 2013, Mr. Frackowiak created the Frack Income Fund, LLC. The Income Fund promised up to an 8% rate of return over a five-year span. The victim couple surrendered an insurance policy to invest in the fund and also made several additional loans to Mr. Frackowiak.
• Detectives believe Mr. Frackowiak used this money inappropriately on his businesses, including Plan It Financial and Frack Burger, both of which closed in 2016, among other uses.
During the investigation, Sheriff's Office detectives learned that Mr. Frackowiak had significant personal liens, personal judgments and tax liens.
On April 2, 2018, James Frackowiak was arrested and booked on eight counts of Aggravated Theft and three counts of Securities Fraud. His bail was set at $150,000. A booking photo is attached. NOTE TO MEDIA: The victims do NOT want to speak to media outlets at this time.
ADDITIONAL FRACK INCOME FUND VICTIMS SOUGHT:
Detectives would like to hear from anyone who had dealings with the Frack Income Fund, LLC. Anyone with information is urged to contact the Sheriff’s Office Tip Line -- by phone at 503-723-4949 or by using the online email form at https://web3.clackamas.us/contact/tip.jsp. Please reference CCSO Case # 17-009525.