An insurance agent in Georgia has been arrested on charges of insurance fraud and narcotics.
Fraud investigators arrested Fereadoon “Frank” Kalantari, a licensed insurance agent who operates out of his home in Henry County, Georgia. According to the Atlanta Journal-Constitution, Kalantari has been accused of scamming three adults – including a retired couple – out of almost $200,000, claiming that he could help them avoid paying unnecessary taxes in their retirement.
Investigators said that Kalantari forged financial documents in order to move victims’ funds to purchase new annuities, on which he received commissions for each annuity purchased.
“He purchased annuities, which are an investment giving a series of annual returns or sums,” Billy Sulliven, director of the fraud investigation unit at Georgia’s insurance commissioner’s office, told AJC. “Mr. Kalantari received a monetary commission for every annuity that was purchased through his company. Our investigation revealed that he misrepresented information to insurance companies and investors. As a result, he was able to sell more annuities, and therefore increase his income.”
In addition to fraud, investigators also discovered suspected black-tar heroin, suspected cocaine, and a large quantity of suspected schedule four narcotics in Kalantario’s home while executing a search warrant during his arrest.
Kalantari now faces four counts of insurance fraud, eight counts of forgery in the first degree, two counts of identity fraud, two counts of exploitation of an elderly person, and three counts of violation of the Georgia controlled substances act.
“This should serve as a reminder to those that feel they can take advantage of the elderly – insurance fraud is a very serious crime and will be treated as such,” Jim Beck, insurance commissioner for the State of Georgia, said in a statement. “When insurance fraud is committed against seniors, it not only robs them of their dignity, but also their peace of mind. This is why combatting insurance fraud remains one of my top priorities.”