Ex-Army Financial Adviser Pleads Guilty To Ripping Off Families

Ex-Army Financial Adviser Pleads Guilty To Ripping Off Families

(RepublicanView.org) – A former US Army financial adviser has pleaded guilty to scamming millions of dollars from grieving Gold Star families. Caz Craffy of New Jersey admitted to conducting an insurance swindle that ran for four years undetected. He was convicted in a federal court of ten charges, including wire fraud, securities fraud, and making false statements.

The indictment states that Craffy, who was supposed to provide solid financial advice to Gold Star families, persuaded them to make investments in accounts with private firms that he managed. He falsely told relatives the US Army sanctioned the investments, but around two dozen families lost millions while he personally benefited to the tune of $1.4 million in illicit commissions. Relatives receive anywhere between $100,000 and $500,000 when a family member dies during active service.

US Attorney Philip R. Sellinger said in a statement that Craffy “brazenly admitted” to preying on families at their most vulnerable. He said relatives who lose loved ones while defending America deserve the nation’s “utmost respect and compassion,” and those who take advantage of them should be held accountable.

Craffy conducted his scams between 2018 and 2022, and among his victims were a teenage girl who had lost her father and several bereaved widows. He directed more than 1,000 unauthorized transactions, losing more than $3 million while pocketing a sizeable chunk. Court documents show that he lost two-thirds of $400,000 that a widow had earmarked for her children’s education. He also stole $50,000 from a grieving 13-year-old girl.

The fraudster entered his guilty plea to US District Judge Georgette Castner in Trenton, New Jersey, and will be sentenced in August. Federal guidelines suggest he is facing a hefty prison term of up to a decade. Under the plea deal, Craffy agreed he would not appeal any sentence under ten years and would pay back the grieving families. According to The Daily Mail, Gold Star mom Sharon Hartz described Craffy’s crimes as “unimaginable.” “He disrespected my son. My family,” she said.

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