Financial Advisor Changed With Defrauding Gold Star Families

To state something that should be obvious: defrauding anyone is a bad idea from both a legal and a moral perspective. Defrauding someone who’s recently experienced the loss of a family member is even worse. Unfortunately, a New Jersey man is now accused of doing just that, facing charges that he used his position as a financial advisor for the U.S. Army to defraud Gold Star families.

An article at NJ.com has more details on the case. Caz Craffy now faces federal charges including, but not limited to, six counts of wire fraud. Craffy is accused of taking millions of dollars from two dozen families over the years.

In a statement, Attorney General Merrick Garland spoke out against Craffy in the harshest possible terms. “As alleged in the indictment, the defendant in this case used his position as an Army financial counselor to defraud Gold Star families, steal their money, and enrich himself,” Garland said. “Predatory conduct that targets the families of fallen American service members will be met with the full force of the Justice Department.”

According to the Justice Department’s statement, Craffy worked for a pair of investment firms without notifying his superiors in the Army, and used his position to direct the money that the Gold Star families had received upon the deaths of their family members to accounts that he controlled. Between 2018 and 2022, Craffy allegedly invested $9.9 million from Gold Star families into these accounts.

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“No family, especially our Gold Star families, should have to face further heartache after a loved one’s death by having their financial security ripped out from under them by fraudsters,” said Homeland Security Investigations Newark Special Agent in Charge Ricky J. Patel in a statement.

Craffy was expected to make his first appearance in court on Friday. According to reporting by the New York Times, the Securities and Exchange Commission also filed a civil complaint against him.