CLAYTON COUNTY, Ga. (FOX 5 Atlanta) - Investigators arrested a financial planner and his wife after executing a series of search warrants on the couple's home.
In a news conference at the Clayton County Courthouse Friday, state and local officials announced the arrest of Fereadoon "Frank" Kalantari, 62, and his wife Afroz Motomed-Ardemeh.
According to investigators, an alleged victim contacted the state insurance commissioner's office in February concerned that some of his investments did not seem to be performing as promised. The office then launched an investigation into Kalantari and discovered he had used his clients' money and names to purchase annuities and other insurance products for his own gain without their knowledge or consent.
Kalantari faces multiple charges of insurance fraud, forgery, and elder abuse.
"There's nothing worse to me than preying on the vulnerabilities of those that are young or those that are old," explained Insurance Commissioner Jim Beck.
Authorities searched Kalantari's home in Jonesboro Thursday and seized thousands of documents related to the alleged fraud. They also discovered suspected heroin, cocaine and hundreds of packaged pills. Both Kalantari and Motomed-Ardemeh face drug charges in the case.
So far, they believe Kalantari's crimes add up to nearly $200,000.
Investigators ask anyone who used Kalantari's services to carefully review their financial information and contact the state insurance commissioner's office.
"If I think this guy's doing me a great job, I'm going to tell my family, I'm going to tell my friends, so we believe we're going to find more people," said Clayton County District Attorney Tracy Graham Lawson.