PORTLAND, Ore. (KOIN) — The founder of the now-defunct Frack Burger has been arrested and charged for defrauding an elderly couple and additional victims are being sought.
The Clackamas County Sheriff’s Office says James Frackowiak, 43, is charged with multiple counts of aggravated theft and securities fraud. He 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 couple’s granddaughter approached the sheriff’s office in April 2017 with concerns about Frackowiak. Investigators found that he befriended the couple in 2007 while he was a local insurance agent operating under the business names Plan It Financial and Frack Insurance.
He sold the couple insurance policies in which they would lose money. He also had them invest in Frack Income Fund, LLC. in 2013.
Detectives say he used the couple’s money on his businesses, including Plan It Financial and Frack burger, both of which closed in 2016.
Officials believe there could be additional victims who had dealings with Frack Income Fund, LLC.