Federal prosecutors charged Caz Craffy on 10 counts, including wire and securities fraud, accusing him of swindling bereaved Army families out of six-figure life insurance payments.
detailing the allegations of four military families who said Craffy strip-mined their accounts through trades that earned him thousands of dollars in commissions, often executed, the families alleged, without their consent or consultation.In addition to the criminal charges, the Securities and Exchange Commission filed a civil complaint against Craffy and the firm where he worked, “seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties.
New Jersey U.S. Attorney Philip Sellinger said Gold Star families “deserve our utmost respect and compassion, as well as some small measure of financial security from a grateful nation. They must be off-limits for fraudsters. But, as the indictment alleges, this defendant took advantage of his role as an Army financial counselor to prey upon these families, using lies and deception to steer their investments in a way that would make him money.
It seemed above board, she said, because he was appointed by the Army. But the accounts she invested lost about $220,000, she said.
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