U.S. Army Reserve Major Caz Craffy, a financial advisor for the Army, has been indicted on multiple counts of fraud, including securities fraud and wire fraud. He allegedly defrauded Gold Star families, who had lost loved ones in active-duty military service, out of military benefits by tricking them into making poor investments from which he profited.
Key Points:
- Caz Craffy, a major in the U.S. Army Reserves and a financial advisor for the Army, is facing ten counts of fraud, accused of defrauding Gold Star families of military benefits.
- Craffy reportedly manipulated these families into making poor investments, thus allegedly swindling them out of millions while he made financial gains.
- In addition to working for the Army, Craffy was employed at two private financial firms, a fact he didn’t disclose to the Army or the families he was advising.
- Over four years, from May 2018 to November 2022, Craffy allegedly directed over $9 million of survivor benefits into the funds he managed, earning $1.4 million in commissions while the investments experienced over $3 million in losses.
- In response to these actions, the Securities and Exchange Commission filed a civil complaint against Craffy, alleging violations of anti-fraud regulations, and he is permanently barred from associating with any member of the Financial Industry Regulatory Authority Inc. (FINRA).
Source: https://taskandpurpose.com/news/army-reserve-major-defrauding-gold-star-families/
