Bozo the Iron Man

Yes, this is real. Bozo the Iron Man was a Quality Comics character featured in Smash Comics until issue 42. According to Comicvine, Bozo has fallen to public domain.

Hugh Hazzard was a man with connections to the police. He found a robot and (temporily) deactived it. He enter the robot (it was hollow). He used to go back to find where it came from and found out it was made by an evil scientist. A fight broke out and the scientist died. Hugh took the robot and used to fight crime, dubbing it "Bozo". He altered the robot to make it fly. The robot was either used like a mecha robot (controled by a walkie talkie) or power armor (a la Iron Man). Bozo has made several cameos in DC Comics (who owe a majority of Quality Comics' superheroes). Bozo was the inspiration for the DC Comics villain "Gonzo the Mechanical  B*stard".

My sources were the Wikipedia page "Bozo the Iron Man" and the Comicvine page "Public Domain Characters".