In videos, the Henry County insurance agent says he can help those approaching retirement avoid unnecessary taxes and protect their assets.
But instead of finding ways to make clients’ money last longer, Fereadoon “Frank” Kalantari conjured up ways to help pad his own bank account, investigators say.
Friday, Kalantari was accused of scamming three adults — including a 92-year-old — out of nearly $200,000.
“We believe there are more victims,” Georgia Insurance Commissioner Jim Beck said during a press conference. “There’s nothing worse than preying on the vulnerability of the young or the elderly.”
Kalantari, 62, was arrested Thursday following a search of his home, according to the commissioner’s office. He was charged with eight counts of forgery, four counts of fraudulent insurance claims and two counts each of identity fraud and exploitation of an elderly person, Clayton County District Attorney Tracy Graham Lawson said. He was being held without bond late Friday.
Credit: Emily Haney
Credit: Emily Haney
Billy Sullivan, direction of fraud investigation for the insurance commissioner’s office, said his staff began investigating after receiving a complaint from a client who purchased annuities from Kalantari. Investigators believe Kalantari sold annuities to three family members and then closed accounts and opened new ones so he could fraudulently earn commissions.
“He purchased annuities, which are an investment giving a series of annual returns or sums. Mr. Kalantari received a monetary commission for every annuity that was purchased through his company,” Sullivan said. “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.”
Because the investigation is ongoing, investigators declined to elaborate on how Kalantari allegedly committed the fraud.
Kalantari, who has been a licensed agent in Georgia since 1991, lives just over the Clayton County line in Henry and runs his insurance business from his home. But because his alleged victims are in Clayton, investigators from multiple agencies were involved in the search of his home, Lawson said.
After investigators seized thousands of documents from the home, police also charged with Kalantari and his wife Afroz Montamed-Ardameh with possession of heroin and cocaine, along with 200 pills believed to be narcotics, arrests warrants stated.
COULD YOU BE A VICTIM?
If you suspect you are a victim of insurance fraud, contact the Georgia Office of Insurance and Safety Fire Commissioner fraud line at 404-232-1212.
