Adoption services firm investigated over missing funds

By MICHAEL PEARSON
The Atlanta Journal-Constitution
Published on: 10/03/06

Alpharetta police have opened a criminal investigation into allegations an international adoption services company formerly headquartered in the city may have misused $500,000 in fees paid by prospective parents. The company, Amrex Inc., now operates out of offices in Atlanta and is well-known in international adoption circles for providing overseas legwork to stateside adoption agencies that help U.S. residents adopt foreign-born children.

Alpharetta police opened the file on Amrex after the director of a Woodstock adoption agency reported the company had not paid adoption fees or refunded deposits paid by some prospective parents.

Genesis, the complaining adoption agency, was founded by Amrex CEO Sergey Zasyatkin but recently severed ties with Amrex, according to Genesis Executive Director Lindsay Kirk. She said she discovered the problems shortly before Amrex filed for bankruptcy on Sept. 21. Kirk's suspicion was piqued after a couple called to complain that a Guatemalan attorney shepherding their adoption there called to ask for the second half of their adoption fees. Genesis records showed the couple had paid in full. Amrex should have paid those funds to officials in Guatemala, Kirk said.

Kirk said she has no direct evidence of wrongdoing, but estimated as much as $500,000 could be missing.

"I just don't see how that much money would be gone," she said. Messages left at telephone numbers listed for Amrex, as well as its principal officer, Zasyatkin, were not returned by deadline for this article.

The company's bankruptcy attorney, Rex Cornelison of Roswell, said he had heard nothing of possible criminal proceedings involving the company and was not aware of any other attorneys representing Amrex.

He said the company had been suffering from a decline in business that adoption officials attribute to additional overseas requirements, but was expected to continue operations.

Incorporation records filed with the Georgia secretary of state's office show similar address histories for Genesis and Amrex.

Genesis was formed in 1998 by a Serge Nickols, a name listed as an alias for Zasyatkin in Alpharetta police reports. Until recently, another Amrex official, censored, served as president of the Genesis board of directors.