A , New Jersey  , financial advisor and , U. S. Army , military who , admitted to defrauding , Gold Star , people that received dying benefits , after their household members died serving in the military has been sentenced to more than 12 years in federal prison.
Caz Craffy even may be subject to three years of supervised release and was ordered to sacrifice$ 1.4 million on top of his 12-year, seven-month word, the , U. S.  , Attorney’s Office said Wednesday.
Also known as” Carz Craffey”, the 42-year-old , Colts Neck , resident was  , indicted in , June 2023 , after investigators accused him of targeting families of deceased veterans and collecting millions in commissions on trades in financial securities without the approval of his clients.
Craffy was a key in the , U. S. Army , resources, having been enlisted since 2003, and even worked as a civilian staff of the , U. S. Army , at Joint Base McGuire-Dix-Lakehurst from , November 2017 , through , January 2023 , as a financial advisor, authorities said.
Gold Star , families, families of military veterans who died while on active duty, are entitled to$ 100, 000 plus up to$ 400, 000 in service member life insurance, officials said.
According to officials, Craffy was tasked with providing public financial education to households receiving death benefits and was not permitted to offer opinions on how to use those benefits.
Craffy acknowledged that he was prohibited from physically participating in any state subject in which he had an outdoor financial interest, but he maintained outside employment with two fiscal firms from , Point Pleasant Beach , and , Boca Raton, Florida, authorities said.
According to the indictment, the financial companies paid Craffy commissions based on the volume and length of trades, not on whether they made any money, and were compensated from the accounts in which the trades were executed, according to the prosecution.
Craffy admitted he encouraged people to commit gains in balances he managed in his inside, private job, officials said.
Between , May 2018 , and , November 2022, Craffy collected more than$ 9.9 million from , Gold Star , people to invest through records he managed in his personal ability and made industries without prior consent —which violated both financial firms ‘ policies, officials said.
Craffy earned more than$ 1.4 million in commissions for the unauthorized trades, authorities said, which resulted in losses totaling more than$ 3.7 million.
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