Gold Star families allegedly defrauded of death benefits by adviser – Gist It

Gold Star families allegedly defrauded of death benefits by adviser

A U.S. Army Reserves Major and financial counselor, Caz Craffy, is facing multiple criminal charges for allegedly defrauding Gold Star families of their deceased loved ones’ military benefits.

Allegations Explained: Craffy, also working as a financial counselor with the Army’s Survivor Outreach Services in New Jersey, allegedly deceived grieving families into transferring hundreds of thousands of dollars of their military benefits to him.
* From May 2018 to January 2023, the accounts of Craffy’s alleged victims decreased by more than $3.4 million, while Craffy earned about $1.4 million in commissions.

Facing Legal Action: The Justice Department has laid multiple charges on Craffy including six counts of wire fraud and one count each of securities fraud.
* He has also been charged for providing false statements in a loan application, for committing acts furthering a personal financial interest, and for making false statements to a federal agency, according to court documents.
* The Securities and Exchange Commission has additionally charged Craffy with violating the antifraud provisions of the federal securities laws and Regulation Best Interest.

Government Response: Attorney General Merrick Garland voiced that conduct which targets the families of fallen American servicemembers will face stern action from the Justice Department.
* “Stealing from Gold Star families whose loved ones made the ultimate sacrifice in service to our nation is a shameful crime,” said Garland.
* Prosecutors explained that Craffy manipulated his position with the Army’s Outreach program to gain the trust of his alleged victims.

Work Deception: Additionally, while working for the Army, Craffy failed to disclose his employment with two unnamed private financial firms as declared by the indictment.
* This non-disclosure allowed him to manipulate families into transferring their benefits to brokerage accounts he managed outside of his Army employment, often leading to high-risk trades and substantial losses for the families.

View original article on NPR

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July 7, 2023

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