Army reservist accused of defrauding Gold Star families out of millions
- Maj. Caz Craffy faces several charges for the alleged fraud
- He allegedly obtained nearly $10 million in benefits
- If convicted, he could face decades behind bars
ovp test
Male shot by female at Shreveport apartment
Class to create biodiverse backyard
Rules for outbursts at Caddo School Board Meeting
COLTS NECK, N.J. (NewsNation) — A U.S. Army reservist is accused of defrauding multiple Gold Star families, according to the Department of Justice.
Major Caz Craffy, 41, of New Jersey allegedly duped “grieving military families” into giving him their relative’s military benefits.
“From May 2018 to November 2022, Craffy obtained more than $9.9 million from Gold Star families to invest in accounts managed by Craffy in his private capacity,” the DOJ said. “Once in control of this money, Craffy repeatedly executed trades, often without the family’s authorization. These unauthorized trades earned Craffy high commissions.”
According to the DOJ, Craffy faces six counts of wire fraud and one count each of securities fraud, making false statements in a loan application, committing acts furthering a personal financial interest, and making false statements to a federal agency.
“Stealing from Gold Star families whose loved ones made the ultimate sacrifice in service to our nation is a shameful crime,” said Attorney General Merrick B. Garland. “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,” a statement from the DOJ read in part.
The wire fraud and securities fraud charges are each punishable by a maximum of 20 years in prison, according to the DOJ.
Beneficiaries of servicemembers who died during active duty are entitled to a $100,000 death gratuity and the soldier’s life insurance of up to $400,000.
