By: Richard L. Smith
A former U.S. Army financial counselor from Monmouth County, New Jersey, was sentenced to over 12 years in prison for defrauding Gold Star families, according to U.S. Attorney Philip R. Sellinger.
Caz Craffy, 41, of Colts Neck, a major in the U.S. Army Reserve, pleaded guilty to multiple counts of fraud and other charges in April 2024. He was sentenced in federal court in Trenton.
Craffy exploited his role as a financial counselor from 2017 to 2023, targeting families of fallen service members by encouraging them to invest their survivor benefits in accounts he privately managed.
Over the course of the scheme, Craffy siphoned off more than $9.9 million, causing the families to lose over $3.7 million, while pocketing $1.4 million in commissions.
In addition to his prison term, Craffy was sentenced to three years of supervised release and ordered to forfeit $1.4 million.
Restitution will be determined at a later date, and Craffy faces further civil actions from the Securities and Exchange Commission.
Authorities condemned Craffy’s actions, emphasizing that those who exploit military families will be held accountable.