Former Insurance Salesman Arrested For Defrauding Retired Couple

CANBY, OR — A former insurance agent from Canby was arrested earlier this month after Clackamas County investigators discovered a scheme to defraud a retired couple of hundreds of thousands of dollars over several years.

Taken to Clackamas County Jail on April 2 and released on his own recognizance April 5, James Robert Frackowiak, 43, was charged with numerous counts of aggravated theft and securities fraud.

The Clackamas County Sheriff's Office began investigating Frackowiak's dubious insurance dealings in April 2017 after the couple's granddaughter filed a complaint accusing Frackowiak of defrauding her grandparents through personal loans and life insurance policy purchases and sales, sheriff's officials said.

Over its year-long investigation, Clackamas County Sheriff's detectives learned Frackowiak met the couple in 2007, at which time he was working to startup a burger chain and while also selling insurance through his businesses Plan It Financial and Frack Insurance.

Through his insurance businesses, Frackowiak reportedly sold the couple a series of insurance policies they would ultimately turn around and surrender — effectively cashing in their short-gained investment. However, the couple themselves were losing money on the surrenders while Frackowiak was cashing in on the commission from the original sales.

Frackowiak then established the Frack Income Fund, LLC, in 2013, sheriff's officials said. With Frackowiak reportedly promising an 8 percent rate of return over a five-year period, the couple surrendered another insurance policy and used the cash to invest in Frackowiak's Income Fund.

The couple also made several other unspecified loans to Frackowiak, sheriff's officials said.

Detectives reportedly believe Frackowiak used the couple's money on his Plan It Financial and Frack Burger businesses, both of which were shuttered in 2016.

Just two months before detectives began investigating Frackowiak, in February 2017 the State of Oregon revoked his insurance license.

A secret indictment was filed against Frackowiak on March 29, 2018 — five days before his arrest.

Sheriff's detectives reportedly believe there may be other victims of Frackowiak's alleged schemes.

Anyone who may have information that could assist this investigation is asked to call the Sheriff's office at 503-723-4949, or leave an anonymous tip online.

Image via Clackamas County Sheriff's Office