Yes. The concept of 'Wrinkles the Clown' being based on a true story is real. There was an actual person who donned the 'Wrinkles' persona. This clown's actions of scaring children, which were often arranged by parents, caught the public's attention and led to the creation of the story we see in the movie. It's an interesting example of how real - life oddities can be turned into a horror - themed story.
The main facts are that it was a real - life occurrence in a certain area, most likely Florida. Parents, frustrated with their children's misbehavior, resorted to hiring this clown, named Wrinkles, to scare them. He would perform spooky acts like showing up at the kids' windows at night. This became quite a talked - about and somewhat controversial topic as it raised questions about the ethics of such a form of discipline.