Not likely. Usually, such names in stories are made up for entertainment purposes and not drawn from real-life events. So, I'd say it's not based on a true story.
Well, without more context, it's difficult to say exactly who Frank Killerman based on a true story is. It could be a person from a family's history, like a great - grandfather who did something remarkable and now the story is being told with his name. Or perhaps it's someone from a particular region's lore, and the 'true story' aspect means it has some real - life roots in that area's past.
It could be about a person named Frank and the story is based on real - life events related to him. Maybe it's his journey, his experiences, or something he has accomplished that is being told as a story.
I'm not sure specifically who 'Frank Breitkopf' is in a work titled 'Based on a True Story' without more context. It could be a character, an author, or someone related to the production.